Re/Max Canada has released the York Region fall market statistics. Between January 1 and July 31, 2024, the average sale price for all property types in York Region has seen a 2.4% decrease year-over-year, dropping from $1,355,778 in 2023 to $1,323,359 in 2024. During the same period, the number of residential sales declined by 5.7%, with 7,529 sales recorded in 2024 compared to 7,981 in 2023. On the other hand, listings have surged by 21.8%, increasing from 15,104 in 2023 to 18,390 in 2024.
As we look toward the fall market, home prices in the York Region are expected to rise by 3% for the rest of 2024, with a projected 5% increase in the number of sales. The current market is balanced, with enough inventory to meet buyer demand.
Most home sales include conditions such as financing or inspections, and sellers are adapting their listing prices to align with buyer expectations, often allowing for conditions like the sale of the buyer's current property. Homes are spending more time on the market compared to previous years, averaging 40 to 60 days. While bidding wars and multiple offers were once typical in the region, buyer confidence has softened over the last two years.
The continuation of interest rate announcements from the Bank of Canada will continue to play a significant role in shaping buyer sentiment. If another rate cut occurs, it may further boost buyer confidence, which could lead to increased market activity.
