The January home resale numbers, although lower than they were for January 2024, are still very good. What matters most is that the market is good for home buyers and for home sellers.

For buyers, there were 1359 new home listings in January, which is a 3% increase compared to January 2024.Overall, at the end of January, there were 3312 homes available on MLS, a 57.3% increase compared to the end of January 2024. 

Based on the number of homes sold in January, if no more homes come on the market, there is 5.37 months of inventory, which means it would take that much time to sell all the currently available listings. Which is much better than the 2 to 3 months we saw during Covid. 

For sellers, the good news is that the median days on market (DOM) is 43, which means that midpoint for the time a home is listed, to the time that it is sold, is 43 days. A balanced market would have an average of 60 DOM's.  This shows that with a median of 43 days, some homes were up around 86 days, but many were less than the 43 days. 

The list to selling price ratio was an average of 98%. This is good for home sellers who price their home to the market. All said, with around 43 days to sell your home once it is listed and a selling price around 98% of the asking price, you are in a very good market. 

If you are looking to sell and buy, you also have more choice. 

🚨 The market is shifting! 🚨 Whether you're a buyer or seller, now might be the perfect time to make your move. 🏡📈 

💬 What do you think about the current market? Are you planning to buy or sell this year? Let’s chat! ⬇️👇

Drop me a note here!

The final numbers for 2024 are now in!

 The number of homes sold in December 2024 was 7.9% higher than the number sold in December 2023.

 For the 2024 year, the total number of homes sold was 11.8% higher than for the 2023 year.

 There was also a 13.6% increase of homes listed in December 2024 compared to December 2023,

 This is a good sign for the market and for buyers, although, there is still a lack of inventory in some areas and price ranges.

 The consecutive interest rate reduction by the Bank of Canada, as well as the longer amortization periods and increase to the amounts of insured mortgages have helped buyers.

Here is a recap of Regulatory changes and updates:

1) Effective Dec 15 - the limit on insured mortgages increases to 1.5 million from 1M.

2) Amortization Period for all first-time homebuyers and buyers of new-build properties is extended to 30 years from 25.

3) Removal of Stress Test for Straight, Stand-Along Uninsured Renewal Switches. Insured and uninsured mortgages no longer need to be stress-tested for qualification purposes.

4) Insured Refinances Eligible homeowners can access an insured refinance of up to 90% of their improved property value for construction funds. This change encourages homeowners to add a secondary suite to their property. This can help accommodate families or generate rental income.

Want more information, or have a question, please let me know. I am happy to help!

The home sales in November were stronger than they were for November 2023. In fact they were 45.1% higher. The average price of a home was up 4.6%. Please note that these numbers include all property types.

The Bank of Canada lowered the key interest rate by.50% to 3.25% this morning, For people with variable rate mortgages, rate cuts can mean more of their money goes toward the principal on their mortgage, and less towards interest. It can also help home buyers who opt for a variable rate mortgage and folks looking to refinance their mortgage. The impact on fixed rate mortgages won't be know for a while.

Adding in the following Regulatory Changes and Updates, should bode well for home buyers and sellers.

1) Effective Dec 15 - the limit on insured mortgages increases to 1.5 million from 1M.

2) Amortization Period for all first-time homebuyers and buyers of new-build properties is extended to 30 years from 25.

3) Removal of Stress Test for Straight, Stand-Along Uninsured Renewal Switches. Insured and uninsured mortgages no longer need to be stress-tested for qualification purposes.

4) Insured Refinances Eligible homeowners can access an insured refinance of up to 90% of their improved property value for construction funds. This change encourages homeowners to add a secondary suite to their property. This can help accommodate families or generate rental income.

Want more information, or have a question, please let me know. I am happy to help!

2024 home sales have continued to outperform the number of sales by month in 2023.

The latest interest rate reduction of .50% has helped to generate more optimism, although in speaking with home buyers, they are waiting for further drops in the rates.

This can be an issue. The number of homes available is up over last year, but housing starts are still very low.

The current market is balanced and homes are selling on average around 98% of the list price.

If you are buying, get pre-approved now, find your home, and take a longer closing if possible, so if rates go down, you will get the lower rate. This way you avoid the possible issue of competing with more buyers if the rates go down again, and the number of available homes remain at today's levels, or less. This would create competition and drive home prices higher, negating any gain made by a lower interest rate.

Want more information, do not hesitate to ask! I am happy to help.

The strong August market carried over into September. Home sales this September were 11.4% higher than they were in September 2023.

There is some speculation that the Bank of Canada, with their October 23rd policy decision, could lower the key lending rate a further .5%, with some economists saying that even if they do not go to that level, they believe that they will lower the rate by .25%.

If you are buying and aren’t pre-approved, get out now, get pre-approved, and find your house. You could face more competition for your dream home after the announcement, and then you may have to pay more than you would if you get out now!

Heading into October, the market was balanced, so no advantage to either buyers, or sellers. Homes sold for around 98% of the asking price in September. This could change, depending on what the Bank of Canada announces later this month.