Canadian real estate platform Propertyguys.com recently shared its market predictions for Toronto’s 2024 real estate market:
“We anticipate that 2024 will bring more stability to the Toronto real estate market. We expect the number of transactions and price appreciation to normalize, providing a more balanced market for buyers and sellers,” says PropertyGuys.com franchise operator for Toronto’s downtown and west Ontario area, Nathan Dautovich.
A more stable, predictable market for 2024
PropertyGuys.com expects the “inconsistent, uncertain and conflicting” 2023 market and the cautious approach it created to stabilize this year. The region should experience more transparent, predictable and settled conditions, with normalized price appreciation and transactions, thanks to renewed confidence from buyers and sellers.
Here’s a more specific vision of what the company foresees for Toronto’s real estate landscape this year.
Renewed market confidence with stable interest rates
The adjustment to higher interest rates will be a driving force in how the market behaves. Buyers and sellers will see that current rates are historically low, despite not being recently low, and regain confidence in the market. As well, the expected stabilization in rates will likely boost sales activity.
Price dynamics changes
Bidding wars and quick price jumps should be replaced with slow, sustainable, steady price growth, the company predicts. Properties will likely take about a month on average to sell, while steep population growth and inadequate new housing supply are expected to raise prices even more.
Focus on assignment and new build sales
As buyers contend with the inability to afford resale purchases, Propertyguys.com believes more focus will be placed on assignment and new build sales this year. These property types are experiencing decreasing prices because of financing issues, a shift that should bring prices closer aligned to the GTA’s market realities.
Evolving habits and their impact on transaction costs and technology
With consumers turning to technology and questioning high transaction costs, the traditional 5 per cent brokerage model is changing. Propertyguys.com feels this means innovation and creativity are needed in new, streamlined solutions to lower costs yet maintain quality service.
Many people thought so … in December 2023
Ask him for an update
It’s disingenuous of the PropertyGuys real estate platform to misinform consumers about real estate fees. For decades now, the Canadian Competition Bureau has made it clear, that any aspersions or commentary about “traditional”, “standard” or “historic” are not to be used. There are no “traditional” fees.
really? of all the well-established with long track record brokerages… we listen to Property Guys now?!
How could Property Guys be picked as a voice of the real estate industry? Poor Choice REM
This article says nothing. No reference to factual data. No logical reasoning based on consumer facts. Should be classified as Comedy Writing. Love the line that “Consumers will realize that interest rates are historically low but not as low as they were.” So basically not historically low. Haha. And buyers will turn to Assignment Sales! Has this writer ever sold an assignment ? There are many challenges with assignment sales. Not the least that a builder has to agree to an Assignment from the get go. As well as the tax implications. And finally the reference to consumers turning to less expensive options to buy and sell real estate. The mere fact that the author states a commission rate of 5% should be grounds enough under TRESA for RECO to investigate. Definitely suggesting that Brokerages are anti competitive and being defined as charging 5% percent. This is not comedy but a statement that cannot be made without repercussions.