The Kleinburg Real Estate Newsletter for January 2024 provides a market watch for the Kleinburg area, presenting recent sales data and featured listings. The newsletter also discusses mortgage rates and advises prospective GTA homebuyers to consider the potential impact of interest rate cuts on home prices, emphasizing that low rates and prices attract high demand, ultimately driving prices up.
Jason Mercer, TRREB chief market analyst, noted that the soft growth in GTA home prices has resulted in improved affordability for buyers. He predicts that as mortgage rates decrease next year and the population continues to grow, increased demand relative to supply will eventually lead to renewed growth in home prices.
In November, high borrowing costs and economic uncertainties continued to impact Greater Toronto Area (GTA) home sales, leading to a flat year-over-year price growth, as reported by the Toronto Regional Real Estate Board (TRREB). The average price for a detached City home rose by 3.5% to $1,617,918, while condo apartment prices dipped 1.7% to $720,280. In the 905 areas, most housing categories experienced a slight year-over-year increase in average price, except for townhouses, which saw a 0.7% decrease. The price for a condo in the 905 areas climbed to $689,654, marking a 6.4% improvement from November 2022.
