RE/MAX Plus City Blog : page 6

Toronto Real Estate Market Reports - May 2024

Posted on May 16, 2024 by RE/MAX Plus City

SALES SUMMARY

Typical of a seasonal spring, home and condo listings surged in April, up 47.2% from last year, and this trend is expected to continue in May. With the new level of supply, the market has shifted towards a more balanced state, with some sectors like condos leaning closer to a buyer’s market. The increase in inventory, providing more choices, has made prospective buyers the biggest winners. Although April’s sales this year were lower compared to the same time last year, these numbers do not reflect the high interest levels, as demonstrated by the significant number of property showings booked by buyers. This indicates confidence among buyers who are either waiting for the right moment to enter the market or have yet to find their ideal property.

Buyer feedback suggests that the prolonged period without interest rate cuts has encouraged them to take their time and not feel pressured to make quick decisions. Many are choosing to wait on the sidelines in anticipation of a possible further decline in real estate values. Unfortunately, these buyers have not yet seen the anticipated opportunity materialize, as real estate values have remained steady or even witnessed slight increases. While some homes have lingered on the market for extended periods, those in desirable locations, move-in-ready condition, or unique features are often selling quickly, sometimes with multiple offers. This mixed market scenario indicates that buyers are positioning themselves ahead of potential future rate cuts.

GTA MLS® NEW LISTINGS

APRIL 2024

This chart plots Monthly MLS® New Listings for the current year and the previous three years. The recurring seasonal trend can be examined along with comparisons to previous years for each month.

Source:Toronto Regional Real Estate Board

PRE-CONSTRUCTION AND CONDOS

The resale condo market has seen a 66% increase in inventory, outpacing demand. Despite this, an uptick in resale condo sales has resulted in only marginal price declines, signaling stability. The most active sales are below $900,000, with end-users remaining the primary buyers. This trend does not discount resale condo investors, who are considering re-entering the market. Experienced investors understand that real estate is a safe and secure hedge against inflation.

Developers of pre-construction projects have significantly slowed down, essentially halting operations in the first quarter of 2024. This contrasts with the government’s policy initiatives aimed at faster housing construction and increased affordability. Although sales of brand-new condos have declined and unsold inventory has risen to over 23,000 units, builders anticipate a swift absorption rate once interest rates begin to decrease. Investors predict that this reduced construction activity will drive prices higher in the coming years. Forecast models suggest that only 5,000 completed units will enter the market by 2028, signaling a rebound in values that will likely surpass previous highs.

CONDO COMPLETIONS & SCHEDULED OCCUPANCIES

GTA 2014 to 2028

RENTAL COMMENTARY

Toronto saw a 19.7% increase in condo apartment leases year-over-year, totaling 12,541. This surge was accompanied by a 51% rise in rental listings, providing renters with more choices and stabilizing average rents. Specifically, the average rent for a one-bedroom condo decreased by 1.2% to $2,441, while two-bedroom rents remained steady at $3,139. Growing inventory has helped moderate rental prices despite increased demand due to population growth in the GTA. Expect the trend of rising condo inventory to continue, as more renters are expected to transition to homeownership as borrowing costs decline.

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Elevate Your Home Sale: The Power of Staging Condos

Posted on April 10, 2024 by RE/MAX Plus City

Elevate Your Home Sale: The Power of Staging Condos

Introduction:

Welcome to the world of home staging, where the magic of presentation transforms spaces into irresistible showcases. In today's competitive Toronto real estate market, staging has become a great tool for sellers, especially when it comes to condos. Let's delve into what staging entails, why it's crucial, and how it can elevate your condo sale to new heights.

What is Staging?

Staging is the art of strategically arranging furniture, decor, and accessories to showcase a property's best features and create an inviting atmosphere. It goes beyond mere decoration; it's about creating a connection with potential buyers and allowing them to envision themselves living in the space. From enhancing curb appeal to optimizing interior layouts, staging aims to highlight a property's full potential.

Why is Staging Important?

First Impressions Matter: Potential buyers form opinions within seconds of entering a property. Staging ensures that those first impressions are positive, captivating buyers from the moment they step through the door.
Highlighting Potential: Empty or poorly furnished spaces can appear smaller or lackluster. Staging helps buyers see the full potential of each room, making it easier for them to imagine how they could utilize the space to suit their lifestyle.
Stands Out in Listings: In today's digital age, the majority of home searches begin online. Professionally staged condos photograph beautifully, standing out in listings and attracting more views, clicks, and ultimately, potential buyers.
Faster Sales: Staged homes tend to sell faster and at higher prices than their unstaged counterparts. By presenting a condo in its best light, sellers can expedite the selling process and maximize their return on investment.

How Does Staging Help Sell Your Condo?

Creates a Memorable Experience: Staging transforms an empty space into a memorable experience for potential buyers. By incorporating stylish furniture, tasteful decor, and strategic layout designs, staging sets the scene for a compelling narrative that resonates with buyers long after they've left the property.
Enhances Visual Appeal: Staging enhances a condo's visual appeal, making it more photogenic and inviting. From cozy living areas to inviting bedrooms, each staged space tells a story that captures buyers' attention and sparks their imagination.
Maximizes Space: Condos often have limited square footage, requiring thoughtful design strategies to maximize space. Professional stagers excel at optimizing layouts, creating the illusion of more space, and showcasing the condo's functionality, regardless of its size.
Emphasizes Key Selling Points: Every condo has unique selling points, whether it's breathtaking views, architectural features, or modern amenities. Staging draws attention to these key features, emphasizing their importance and adding value to the overall property.

Conclusion:

In the competitive world of real estate, staging has emerged as a game-changer for sellers looking to elevate their condo sales. By leveraging the power of presentation, staging transforms properties into irresistible showcases that captivate buyers' hearts and minds. From creating memorable experiences to maximizing visual appeal and emphasizing key selling points, staging sets the stage for a successful sale, ensuring that your condo stands out in a crowded market and fetches top dollar. So, if you're ready to unlock the full potential of your condo and secure a swift sale, staging is the ultimate solution you've been searching for.