Jul '24 in RE Data & Trends Insights 📊🏠
2024 Q2 📉 Moving towards a buyer's market 🔄
Key Trends:
1. Supply & Demand 📊
• New listings: ⬆️ 21.3% (year-over-year)
• Active listings: ⬆️ 58.3% (year-over-year)
• Sales: ⬇️ 13.3% (year-over-year)
What it means: More homes for sale, fewer buyers. Like a store with more inventory but fewer customers.
2. Prices 💰
• Average price: ⬇️ 4.6% (year-over-year)
What it means: Prices adjusting to new market conditions, but not drastically.
3. Market Balance ⚖️
• Months of inventory: 3.8 (up from 3.3)
• Sales-to-new listings ratio: 43.5% (down from 50.0%)
What it means: Moving towards a balanced market. Buyers gaining more power.
4. Construction 🏗️
• Units under construction: ⬇️ 7.5% (year-over-year)
What it means: Fewer new homes being built. Could affect future supply.
5. Economic Factors 📈
• Population: ⬆️ 3.5% (year-over-year)
• Unemployment: 7.0% (up from 6.7%)
• Mortgage arrears: Steady at 0.13%
What it means: Growing population = long-term demand. Slight rise in unemployment may impact short-term demand.
Impact on Key Groups:
1. Buyers 🛒
• More choices
• Less pressure to decide quickly
• Better negotiating power
2. Sellers 🏡
• Homes may take longer to sell
• May need to adjust prices
• Important to make properties stand out
3. Investors 💼
• Potential for good deals
• Need to focus on long-term value
• Rental income may become more important
4. Policymakers 📋
• Monitoring economic impact
• Balancing housing supply and affordability
Remember: Real estate is local. Conditions may vary by area. Always consult local experts for specific advice.
Bottom Line: Ontario's market is rebalancing. It offers new opportunities for buyers but requires sellers to adapt. The strong population growth suggests long-term stability despite short-term adjustments.
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2024 Q2 📉 Moving towards a buyer's market 🔄
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