Thinking Out Loud

As we enter the final stretch of the year, it’s a perfect time to pause, reflect, and get ready for the cold seasons—whether it’s cozying up your space or doing seasonal maintenance.

Along with these immediate tasks, it’s also a good time to think ahead.

With recent  and potential rate cuts, the real estate landscape is shifting, with opportunities to plan strategically and take advantage of favourable market conditions. This season is all about setting yourself up for a successful end of 2024—and beyond!

Prepping your home for fall

Indoor (tap the picture for details)

  • Check Heating System

    • Replace filters in your furnace
    • Clean your fireplace
    • Schedule a seasonal maintenance

  • Seal Drafts

    Fixing gaps in windows and doors will:

    • Prevent heat loss
    • Improve energy efficiency
    • Keep your home warmer
    • Reduce heating bills.

  • Declutter and Organize

    • Sort through closets
    • Donate items you no longer need
    • Make space for bulkier winter gear like coats and boots

  • Enhance Lighting

    Ensure your home is well-lit by:

    • Adding warm lighting to key areas
    • Updating bulbs to energy-efficient options
    • Adding soft accent lighting to create a cozy ambiance.

  • Test Smoke and Carbon Monoxide Detectors

    • Check your smoke and carbon monoxide detectors
    • Replace batteries and test all alarms to ensure they are functioning properly
    • Enhance your home’s safety

  • Service your Chimney and Fireplace

    If you have a wood-burning fireplace:

    • Schedule a chimney sweep to remove soot and debris, to reduce fire risk
    • Check gas fireplaces for proper ventilation and functionality

Outdoor (tap the picture for details)

  • Clean Gutters and Downspouts

    • Remove leaves and debris regularly to avoid clogging  and water build-up
    • Check for any repairs needed to keep your drainage system functioning

  • Prep Your Lawn and Garden

    • Rake up leaves, aerating the soil, and applying fall fertilizer
    • Trim back dead plants
    • Cover sensitive flowers with mulch to protect them from frost
    • Plant bulbs like tulips and daffodils for spring bloom.

  • Check Outdoor Lighting

    With shorter days ahead, outdoor lighting becomes essential.

    • Check that your porch, walkways, and driveway lights are working
    • Consider adding solar or LED lights

  • Protect Outdoor Furniture

    • Clean and store patio furniture to protect it from the elements
    • Consider investing in weather-resistant furniture covers for items left outside

  • Seal Decks and Driveways

    • Seal any cracks in your driveway to avoid damage for excess moisture in low temperatures
    • Apply a weatherproofing sealant to wooden decks to prevent winter wear and tear.

  • Shut-off Outdoor Valves

    Before the first freeze:

    • Disconnect and drain garden hoses to prevent water from freezing inside and causing damage
    • Shut off outdoor faucets if possible, or cover them with insulated covers to protect them from the cold.

September Market Update

Making the Long Story Short

In September 2024, the GTA real estate market saw a notable rise in active listings, resulting in 5.13 months of inventory*, offering buyers a wider selection of properties to choose from.

Despite the large supply of listings, average prices have remained resilient, showing only a slight decrease year-over-year and even, increase month-over-month.

Cuts in interest rates have boost market activity with a potential shift ahead as conditions continue to improve.

(*) the amount of time it would take to sell all the homes currently for sale at the current sales pace.

Data Source: TRREB

Active Listings: 25,612

Active listings in the GTA saw increase in September 2024 creating competition among sellers and providing buyers with more options and negotiating power.

13.1%

Versus August 2024

35.4%

Versus Sept 2023

Sales: 4,996

Sales in September 2024 reached 4,996. The drop in interest rates for two consecutive months, may be the reason for increased market activity.

0.4%

Versus August 2024

7.6%

Versus Sept 2023

Months of Inventory: 5.13

Months of inventory, a key indicator of market balance, continued to be in favor of buyers. With these supply levels, the GTA in buyer’s market territory.

12.6%

Versus August 2024

25.8%

Versus Sept 2023

Average Price: $1,074,425

Despite the high supply, prices remained relatively stable, showing strong market fundamentals and suggesting that sellers can afford holding firm on price.

3.1%

Versus August 2024

-1.1%

Versus Sept 2023

Average Price per Region

In the GTA, the average price of a property varies across the different types and region.

Tap each bar for value

  • Detached homes are the highest-priced category, with Oakville at the top and Milton offering the most cost-effective options
  • Semi-detached are more accessible, with the lowest prices in Burlington and the highest in Toronto
  • Freehold townhomes show more affordability, with prices highest in Toronto and lowest in Milton
  • Condo townhouses and Condo apartments are the most budget-friendly choices, offering competitive prices across the regions, making them ideal for first-time buyers or those seeking more reasonably priced housing in Toronto and surrounding areas

Need Tailored Insights for Your Next Move?

As we move into the final stretch of the year, it’s the perfect time to evaluate your real estate goals. Whether you’re buying, selling, or simply curious about market trends, I’m here to provide personalized guidance tailored to your unique situation. Don’t hesitate to reach out—I’d love to help you make the most informed decisions. Let’s connect and bring your Vision to Realty!

Bye for now,