Spring market update

Author

Ben Amir
March 21, 2024

Hi real estate enthusiast,

Quick update on the real estate market as we head into the spring.

  • Low rise home sales in the GTA (detached, semis and townhomes) are rising, especially below the $1.5 Million price range. We have now entered a balanced market in this property category. I expect prices to rise slowly.

  • Most of the luxury market ($3 Million+ ) is still in a buyer’s market, with some exceptions in prime midtown neighborhoods.

  • The condo market is also cold. A large percentage of buyers in this segment are investors and with rents coming down, interest rates remaining high (for now), there are meaningfully fewer buyers out there.

  • The pre-construction market has been crushed. I’m seeing attractive assignment deals from buyers that cannot close on their new condo purchases. Right now you can find interesting deals for new condos at 2019 pricing! As many builders struggle to sell new homes, we will eventually see a massive shortage in the high rise market. This could be an attractive time to make assignment investments for the long run, but it will be painful, since many of them are going to be negative cashflow for 1-2 years.

Interest rates
Both US and Canada have now indicated seeing conditions for rate cuts this year. The cuts will be small and slow since the market has proven to be a lot more resilient than most expected. While prices are down, most of the risk of a market crash has now dissipated. As rates come down slowly, we are likely to see real estate prices start to increase, also slowly.

My Work

I just listed this custom built 5 bedroom detached home in Etobicoke’s highly coveted Sunnylea neighbourhood. It’s beautiful, check it out.  

7 North Kingslea Dr, Toronto | For Sale | 5+1 Beds | 5 Baths | tophouse.com

See photos and details for 7 North Kingslea Dr, a Detached listing For Sale in Toronto. The list price is $3,299,900. Book a property tour today!

tophouse.com/listing/7-north-kingslea-dr-toronto/lpOTcZ

I recently listed and sold a townhouse in Richmond Hill for 99% of asking price in 3 days.

49 Mistleflower Crt, Richmond Hill | 3 Beds | 3 Baths | tophouse.com

See photos and details for 49 Mistleflower Crt, a Freehold Townhouse listing Sold in Richmond Hill. The list price was $1,198,000. Book a property tour today!

tophouse.com/listing/49-mistleflower-crt-richmond-hill/TOnmsf

Coming Soon to Keswick steps to lake Simcoe is this renovated detached home on a massive lot.

355 Irene Drive, Keswick | 3+2 Beds | 2 Baths | tophouse.com

See photos and details for 355 Irene Drive, a Single Family Residence listing Sold in Keswick. The list price was $749,000. Book a property tour today!

tophouse.com/listing/355-irene-drive-keswick/90dkdM

As always, if you or anyone you know has any real estate questions, I’d be happy to help. Please don’t hesitate to reach out anytime. I’m never too busy for your referrals.  

Sincerely,

Ben Amir
Real Estate Broker
Co-Founder of the AI powered Home Search App (TopHouse | TopHouse.com)
Direct: (647) 699-3274