2024 is off to a much more positive start than 2023! Buyers seem to have adjusted to the new interest rates and they are optimistic that rates will start to decline sometime this year.
Throughout 2023 we saw very few real estate transactions in what is traditionally one of the most active markets in North America. That being said, we now have some pent-up demand, mostly in the freehold sector. With not many attractive listings, competition has returned and price growth will follow.
I've worked with a number of successful buyers in the past few months, which was quite the opposite of 2023 where I worked with far more sellers. This sentiment is felt by most realtors I speak to.
2024 looks to be a very active year in Toronto home sales and if you didn't get into the market in the lows of 2023, now is the time. -Andrew
