Toronto’s outlook for 2024: predicts stability, renewed confidence and changes in dynamics – REM | Real Estate Magazine

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Canadian real estate platform recently shared its market predictions for Toronto’s 2024 real estate market:

“We anticipate that 2024 will bring more stability to the Toronto real estate market. We expect the number of transactions and price appreciation to normalize, providing a more balanced market for buyers and sellers,” says franchise operator for Toronto’s downtown and west Ontario area, Nathan Dautovich.

Buy/sell, rent/lease residential &
commercials real estate properties.

A more stable, predictable market for 2024 expects the “inconsistent, uncertain and conflicting” 2023 market and the cautious approach it created to stabilize this year. The region should experience more transparent, predictable and settled conditions, with normalized price appreciation and transactions, thanks to renewed confidence from buyers and sellers.

Here’s a more specific vision of what the company foresees for Toronto’s real estate landscape this year.

Renewed market confidence with stable interest rates 

The adjustment to higher interest rates will be a driving force in how the market behaves. Buyers and sellers will see that current rates are historically low, despite not being recently low, and regain confidence in the market. As well, the expected stabilization in rates will likely boost sales activity.

Price dynamics changes

Bidding wars and quick price jumps should be replaced with slow, sustainable, steady price growth, the company predicts. Properties will likely take about a month on average to sell, while steep population growth and inadequate new housing supply are expected to raise prices even more.

Focus on assignment and new build sales

As buyers contend with the inability to afford resale purchases, believes more focus will be placed on assignment and new build sales this year. These property types are experiencing decreasing prices because of financing issues, a shift that should bring prices closer aligned to the GTA’s market realities.

Evolving habits and their impact on transaction costs and technology

With consumers turning to technology and questioning high transaction costs, the traditional 5 per cent brokerage model is changing. feels this means innovation and creativity are needed in new, streamlined solutions to lower costs yet maintain quality service.

REM Editorial Team

This post was originally published on 3rd party site mentioned on the title of this site

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