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Market Monday - Monthly Real Estate & Home Inspections Market Update: November So Far

Nov 18, 2024

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Welcome to Market Monday, where we break down the latest real estate trends and news! I’m excited to bring you this month’s update, focusing on national, provincial, and local markets. November 2024 has been an eventful month so far, with significant shifts compared to October. Let’s dive into how the market is evolving and what it means for buyers, sellers, and investors.


Real Estate & Home Inspection Update
Real Estate & Home Inspection Update

Canadian Real Estate Market Overview: October vs. September 2024

October 2024 brought a surprising surge in Canadian home sales, marking a significant shift compared to September. Nationally, home sales rose by 7.7% month-over-month, reaching their highest levels since April 2022. This increase was driven by a combination of lower interest rates and a surge in new listings in September.


  • Sales Activity: October saw a 30% year-over-year increase in home sales, a stark contrast to the slower pace seen earlier this year.

  • Average Sale Price: The national average sale price was $696,166, up 6% from October 2023 but relatively flat compared to September.

  • Inventory Levels: The number of newly listed homes dropped by 3.5% from September, tightening the market slightly after a surge in listings the previous month.


Key Comparison Points

  • Sales Surge: The 7.7% increase in sales from September to October was unexpected and indicates that buyers are re-entering the market as interest rates fall.

  • Price Stability: While prices have increased slightly year-over-year, they remained mostly stable month-over-month, reflecting balanced market conditions.


Condo vs. Detached Homes

  • Condos: Condo sales were up across major cities like Toronto and Vancouver, but prices remained under pressure due to oversupply. In Vancouver, condo prices fell by 0.6% from September, while Toronto saw a similar trend with a slight dip.

  • Detached Homes: Detached homes saw stronger demand, with Vancouver reporting a 25.5% increase in sales compared to last year. Prices for detached homes held steady or saw minor declines month-over-month.


Ontario Real Estate & Home Inspections Market: October vs. September 2024

The Ontario housing market followed national trends with increased sales activity and stable pricing in October. Sales were up across most regions as buyers took advantage of lower mortgage rates.


  • Average Home Price: Ontario’s average home price in October was $878,620, up from $851,478 in September—a modest increase of about 3.1%.

  • Sales Growth: Home sales rose by nearly 10% year-over-year in September and continued this upward trajectory into October.

  • Inventory Levels: Inventory remained high, with active listings up by over 25% year-over-year as of September. This trend likely continued into October as sellers remained active.


Key Comparison Points

  • Price Increase: The average price rose slightly from September to October as demand picked up.

  • Sales-to-New Listings Ratio: The ratio tightened from 34% in September (a buyer’s market) to around 58% in October (a more balanced market), reflecting increased buyer activity.


Condo vs. Detached Homes

  • Condos: Condo prices in Ontario remained flat or dipped slightly due to high inventory levels. However, sales activity increased as buyers sought more affordable options.

  • Detached Homes: Detached home prices held steady or increased slightly as demand outpaced supply in several regions.


Local Market Update: Brantford, Brant County, Paris, Cambridge & Brant County

In Brantford and Brant County, the real estate market showed signs of stabilization after months of volatility.


  • Home Sales: In October 2024, there were 129 homes sold—similar to September’s numbers but still below historical averages. This represents a stabilization after several months of declining activity.

  • Average Price: The average sale price for homes in Brantford was $670,667 in October—unchanged from September but down about 8.1% compared to last year.

  • Inventory Levels: Active listings were up by over 16%, providing buyers with more options but also leading to longer listing times for sellers.


Cambridge

Cambridge continues to experience steady demand for both detached homes and condos.


  • Sales remained consistent between September and October as buyers took advantage of lower interest rates.


Key Comparison Points

  • Sales Stabilization: While sales remained flat compared to September, the stabilization suggests that the local market may be past its most volatile period.

  • Price Decline Year-over-Year: Prices are still down compared to last year but have stabilized month-over-month.


Market Potential & Red Flags Opportunities

  • Lower Interest Rates: With interest rates continuing to drop—currently around 4.14% for a five-year fixed mortgage—buyers are finding it easier to secure financing.

  • More Inventory: High inventory levels mean more choices for buyers and potentially better deals as sellers compete for attention.


Challenges

  • Affordability Concerns: Despite lower interest rates, home prices remain high across Ontario and Canada. This continues to be a barrier for many first-time buyers.


Red Flags

  • Oversupply in Condos: The condo market remains oversupplied in many urban centers like Toronto and Vancouver, which could lead to further price declines if demand doesn’t catch up.


Conclusion

As we move through November 2024, the Canadian real estate market is showing signs of recovery but remains complex. Nationally and provincially, sales are up thanks to lower interest rates and increased inventory levels. Locally here in Brantford and surrounding areas like Paris and Cambridge, the market is stabilizing after months of volatility.


At Hynesight Inspections, we’re here to help you navigate these changing conditions with confidence. Whether you're buying your first home or investing in property, our thorough inspections will give you peace of mind before making any big decisions.


Stay tuned for next month’s update—and remember—inspect today to secure tomorrow! Written by Kyle Hynes, Hynesight Inspections


Nov 18, 2024

4 min read

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