2024 Real Estate Market Challenges:Early struggles due to high interest rates, impacting affordability and sales volumes.
First interest rate reduction in June; rates fell from 5% to 3.25% by year-end with five cuts, including two significant 50-basis-point reductions.

Market Recovery:Signs of recovery appeared in October with a 44% increase in transaction volume, followed by 40% in November.
2024 sales volume ended up 2.5% compared to 2023, with prices flat year-over-year.

Annual Statistics:Total home sales: 67,610.
Average selling price: $1,117,600, a decline of less than 1% from 2023.
Inventory levels increased, ending the year with 4.5 months of supply, creating a buyer's market.

Segment Performance:Detached, semi-detached, and townhomes held up better than condos.
Condo prices declined more significantly due to reduced first-time buyer activity.
Sales of single-family homes increased, while condo sales decreased.

Outlook for 2025:Anticipated further rate cuts and price growth for most home types.
Challenges expected in the condo market due to a record number of newly completed units, though some areas and condo types may show resilience.

Message to Clients:Optimism for the 2025 market and readiness to assist with real estate plans.
Invitation to discuss strategies tailored to individual needs.

Ashirwad (Ash) Ahluwalia
Sales Representative
C - 416 520 6525
Royal LePage Signature Realty Brokerage
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