The first quarter of 2024 has just wrapped up and time continues to fly by as we roll right into Spring.  March 2024 home sales reported through the Toronto Regional Real Estate Board were lower, down 4.5% compared to March last year.  This was due in large part to holidays like March Break and the statutory holiday, Good Friday which fell into March this year.  Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in prices, up 1.3% to $1,121,615.

There has been a gradual improvement in the market this past quarter.  More buyers have adjusted to the higher interest rate environment and at the same time homeowners are anticipating a more active spring, as we are witnessing an increase in new listings so far this year. The first quarter ended with sales up by 10.8% per cent over the same period last year with prices remaining flat.

TRREB Chief Market Analyst Jason Mercer recently stated that price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth.  Lower borrowing costs in the months ahead will further help fuel increased demand for ownership housing.  

The availability and cost of housing continues to be a hot topic amongst political channels.  With continued population growth and a limited number of new home sales, we will see a very limited supply of available homes in the foreseeable future.  The sale of new homes continues to play a key role in providing the necessary supply for the future, if new homes and condos are not selling today they will not be built or ready for the future.  The opportunity is now as developers are offering discounted pricing and aggressive promotions to encourage buyers and investors to purchase new product.  With a limited supply of homes in the future, housing supply will continue to remain limited with prices continuing to rise.  

If you have any real estate questions I am always here to help.
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Embarking on the journey to find your dream home is an exciting and significant step. Central to this process is the crucial initial consultation with a realtor, a personalized meeting that lays the foundation for a successful home search. In this blog post, we'll delve into the significance of this meeting and how it sets the stage for a tailored and effective new home search.

  1. Building a Relationship: Getting to Know You

    The initial consultation is more than a formality; it's an opportunity for you to build a rapport with your realtor. Beyond discussing your housing preferences, this meeting allows your realtor to understand your lifestyle, priorities, and unique needs. Establishing a strong working relationship ensures that your realtor can better tailor their services to your specific requirements.


  2. Defining Your Vision: Clarifying Your Goals

    During the consultation, you'll have the chance to articulate your vision for your dream home. Whether it's a specific architectural style, a preferred neighborhood, or must-have features, this conversation helps your realtor narrow down the search parameters. The clearer your vision, the more targeted and efficient the home search can be.


  3. Setting a Realistic Budget: Understanding Your Financial Landscape

    A key aspect of the initial consultation is discussing your budget. Your realtor will guide you through the financial aspects of home buying, helping you understand the costs involved and connecting you with mortgage professionals for pre-approval. Establishing a realistic budget is crucial in ensuring that you focus on homes within your financial comfort zone.


  4. Educating You on the Process: Knowledge is Empowerment

    For many homebuyers, the real estate process can seem complex and overwhelming. The initial consultation is an opportunity for your realtor to demystify the process, explaining each step from home search to closing. This knowledge empowers you, making you an informed and confident participant in the journey to homeownership.


  5. Tailoring the Search: Leveraging Expertise for Your Benefit

    Armed with the insights gained during the consultation, your realtor can now create a customized search strategy. They will leverage their knowledge of the local market and available inventory to curate a list of properties that align with your preferences and goals. This tailored approach saves you time by focusing on homes that meet your specific criteria.


  6. Addressing Concerns and Questions: Building Trust and Confidence

    The initial consultation is an open forum for you to express any concerns or ask questions. Your realtor is there to address these, providing clarity and building trust. Knowing that you have a dedicated professional by your side fosters confidence in the homebuying process.

The initial consultation with your realtor is the compass that guides your journey to finding the perfect home. It's a collaborative and informative session that sets the tone for a partnership built on understanding, trust, and shared goals. By investing time in this foundational step, you pave the way for a smooth, efficient, and ultimately successful new home search.

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Working with a realtor when buying a house can offer several advantages and is often considered an important step in the homebuying process. Here are some reasons why working with a realtor is beneficial:

  1. Market Expertise: Realtors have extensive knowledge of the local real estate market. They can provide information about neighborhoods, market trends, and property values. This expertise is valuable when making informed decisions about where to buy and what price range is reasonable.

  2. Access to Listings: Realtors have access to the Multiple Listing Service (MLS), a database that contains a wide range of properties for sale. This gives buyers a broader view of available homes and helps them find properties that match their criteria more efficiently.

  3. Negotiation Skills: Realtors are experienced negotiators. They can help you navigate the complexities of making an offer, counteroffers, and negotiating the best possible deal. Their objective is to secure the best terms for their clients.

  4. Paperwork and Documentation: Buying a home involves a significant amount of paperwork. Realtors can guide you through the process, ensuring that all necessary documents are properly prepared and filed. This helps prevent mistakes that could lead to legal or financial issues.

  5. Network of Professionals: Realtors typically have a network of professionals, including mortgage brokers, home inspectors, and real estate attorneys. They can recommend reliable and trusted individuals to assist you in different aspects of the homebuying process.

  6. Save Time and Effort: Searching for a home can be time-consuming. Realtors can streamline the process by pre-screening properties, arranging viewings, and helping you focus on options that meet your criteria. This saves you time and effort in the house-hunting process.

  7. Market Conditions and Trends: Realtors stay updated on current market conditions and trends. This information is crucial for making informed decisions about when to buy, what to offer, and how to navigate changing market dynamics.

  8. Transaction Support: From the initial offer to the closing process, a realtor provides support and guidance. They can coordinate with other parties involved in the transaction, such as the seller's agent, inspectors, and lenders, to ensure a smooth process.

  9. Legal Protection: Real estate transactions involve legal complexities. Realtors are familiar with the legal aspects of buying a home and can help protect your interests by ensuring that contracts and agreements are legally sound.

  10. Expert Advice: A realtor can offer valuable advice based on their experience. Whether it's about the condition of a property, potential resale value, or investment considerations, their insights can be beneficial in making informed decisions.

While it's possible to buy a home without a realtor, the expertise and support they provide often make the process smoother and more successful for buyers.

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In the exciting journey of buying a home, having a knowledgeable guide by your side can make all the difference. Realtors are seasoned professionals who bring expertise, market insight, and valuable support to the home buying process. In this blog post, we'll walk you through the essential steps of buying a home with a realtor, ensuring a smooth and successful experience.

  1. Initial Consultation: Getting to Know You

    The process begins with an initial consultation with your realtor. This is where you share your preferences, needs, and budget. Realtors use this information to create a tailored search strategy, helping you find homes that align with your goals.

  2. Mortgage Pre-Approval: Knowing Your Budget

    Before diving into the house hunt, it's crucial to know your budget. Your realtor can connect you with mortgage professionals who will assess your financial situation and provide a pre-approval, giving you a clear understanding of how much you can afford.

  3. Property Search: Exploring Options

    Armed with your criteria and pre-approval, your realtor will scour the market for suitable properties. They have access to the MLS and can identify homes that meet your specifications. This saves you time and ensures you see a curated list of potential dream homes.

  4. Home Tours: Exploring the Possibilities

    Once a list of potential homes is compiled, your realtor will schedule tours. They'll guide you through each property, offering insights into the neighborhood, potential resale value, and any considerations you might not have thought about.

  5. Making an Offer: The Art of Negotiation

    When you find the perfect home, your realtor will assist in crafting a compelling offer. They leverage their negotiation skills to secure the best possible terms for you. This includes price, contingencies, and any specific conditions you may have.

  6. Inspections and Due Diligence: Ensuring Transparency

    After the offer is accepted, the next step involves inspections. Your realtor can recommend trusted inspectors to assess the property's condition thoroughly. If any issues arise, your realtor will guide you on how to proceed, ensuring transparency and informed decision-making.

  7. Navigating the Closing Process: Crossing the Finish Line

    As the transaction moves toward closing, your realtor continues to provide support. They coordinate with other professionals involved, such as the title company and lenders, to ensure a smooth and timely closing. Your realtor will review all documents with you, answering any questions you may have.

  8. Keys in Hand: Celebrating Your New Home

    Finally, the moment arrives – you receive the keys to your new home. Your realtor's support doesn't end at closing; they're there to celebrate this significant milestone with you and address any post-closing questions or concerns.

Embarking on the home buying journey with a realtor transforms the process into a guided adventure. From the initial consultation to receiving the keys, a realtor's expertise ensures that you make informed decisions every step of the way. If you're considering buying a home, partnering with a realtor can turn your dream home into a reality.

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Ankit Gulati
Real Estate Broker


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