Ontario, Canada, 29th November 2024, ZEX PR WIRE, Toronto’s real estate market is showing signs of recovery after a challenging period, with home sales seeing significant year-over-year increases. However, leading broker Michelle Kam of Re/Max City Accord Realty Inc. warns that now is the time for buyers and sellers to make informed, strategic decisions.
A recent report highlighted a 45% year-over-year surge in sales for low-rise homes and a 32% increase for condominiums in October 2024. This uptick signals a potential market rebound, but Kam urges caution, noting that inventory levels and months of inventory (MOI) metrics suggest a nuanced market.
“The data shows that while sales are improving, the overall market is still finding its footing,” Kam explains. “Buyers need to act wisely and avoid rushing into decisions based on anxiety or fear of missing out.”
Key Market Insights
The MOI for houses fell to 3.1 in October, indicating a heating market. Similarly, condos saw MOI drop to 5, reflecting growing competition. Despite these trends, average prices remain stable. For example, the median house price sits at $1,154,000, a 2% decline from last year, while condos average $713,546, also down 2%.
Kam emphasizes the importance of understanding these metrics. “MOI tells us about market competitiveness,” she says. “A lower MOI typically means rising prices, but this isn’t a guarantee. Buyers and sellers should consult experts to interpret the trends in real time.”
Addressing Buyer Anxiety
Many potential homebuyers, particularly first-timers, are feeling the pressure to enter the market before prices rise further. Kam acknowledges this sentiment but advises patience and preparation.
“Anxiety is high, and I’ve seen buyers make rushed decisions to avoid being priced out,” Kam says. “However, the key to success is preparation. Get pre-approved, work with a knowledgeable agent, and understand what you need in a home.”
She also highlights the importance of long-term thinking. “Toronto’s market ebbs and flows. Making a decision based on immediate fears can lead to regret down the road. Focus on value and sustainability for the future,” Kam adds.
Sellers: A Time to Strategize
Kam believes sellers are in a unique position as inventory levels tighten. “For sellers, this is an opportunity to showcase their properties strategically,” she explains. “High-quality staging, accurate pricing, and targeted marketing can make a significant difference in this market.”
She also stresses the importance of timing. “With spring typically bringing a busy season, positioning your property correctly now can lead to better outcomes,” she advises.
Building Confidence Through Data
Kam advocates for transparency and education in navigating Toronto’s market shifts. “Numbers don’t lie, but they need interpretation,” she says. “Whether it’s average prices, MOI, or sales volumes, having clear, expert advice can turn uncertainty into confidence.”
As the market evolves, Michelle Kam is calling on buyers and sellers to approach their decisions with informed strategies and expert guidance. “Toronto’s housing market is resilient, but success comes to those who prepare, not panic,” she concludes.
For more insights from Michelle Kam and her expert team at Re/Max City Accord Realty Inc., visit Re/Max City Accord Realty Inc.
Media Contact
Michelle Kam
https://michellekamtoronto.com/
https://www.linkedin.com/in/michelle-kam-74817498/
https://cloutrep.com/profile/michelle-kam/
https://www.facebook.com/p/Michelle-Kam-Toronto-RealtorBroker-100064166707269/
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No The Money Circles journalist was involved in the writing and production of this article.