In the last two days, there has been one in the Greater Toronto Area"Internet celebrity housing" has attracted the attention of a large number of real estate agents and potential buyers.
This semi-detached house in Mississauga has 2 floors, 3 bedrooms, 3 bathrooms, and a single garage.
The house was listed on January 22 and sold for an attractive $740,009 for just $740,009Received 85 offers in a weekThis kind of hot momentum may even surprise brokers and homeowners.
However, even though there were 85 people rushing for an offer, the house was sold yesterdayIt is priced at $999,999, and did not break the million mark. Some Chinese real estate agents commented on this"There is no shortage of buyers in the market right now, but everyone is still rational. ”
The real estate market in the GTA is no longer what it used to be. Now that the cost of living is high and interest rates are still high, everyone is no longer blindly raising prices to grab offers. Buyers in the market have done their homework and are more confident.
According to Royal Bank of Canada**,The direction of the housing market this year may open a "window of opportunity" for first-time buyers.
According to Global News, RBC**, looms over the Canadian real estate market of unaffordabilityThe clouds may begin to dissipate later this yearand provide a pathway for potential first-time home buyers to buy a home.
The report released by the RBC (30 January) expects two different scenarios for the Canadian real estate market in the first half of 2024.
Robert Hogue, an author and assistant chief economist at RBC, argues that the two scenarios are:
1. Pressure from the Bank of Canada's benchmark interest rate will keep economic activity sluggish in the first half of the year. Higher borrowing rates, linked to policy rates that remain elevated, will "limit the recovery of Canada's cooling housing market", thus in theThe first half of this year brought a more "gradual boost".
2. At the same time, in the case of suppressed market demand,A shift to rate cuts in the middle of the year or even earlier would "make the wheels spin faster".
Hogg pointed out that house prices** during the pandemic, coupled with the rapid tightening of central bank policy, led to a "serious loss of affordability" in the market, which triggered a real estate correction in the past two years.
RBC expects housing activity to grow by 9 per year from last year's levels2%, but expected Real Estate Solutions (RPS).The house price index fell by 2After 6%, it will fall further by 1 this year0%。
It is not expected until 2025 that the national ** will begin to climb significantly, and the RPS index is expected to ** 31%, sales are expected to grow by 16%.
If the housing market continues to improve, home prices may not soar quickly after a rate cut, Hogg wrote. Royal Bank of Canada expects the onslaught of mortgage renewals not to trigger a wave of forced auctions across Canada, but stillIt is likely to see more sellers entering the market, while the uptick in sales may attract some existing owners to quit the sidelines.
"The influx of sellers will keep supply and demand in balance while reducing upward pressure on demand," the report states. ”
RBC estimates that overall** national home prices will continue to be below their peak in 2022. Therefore,Frustrated potential buyers have the opportunity to enter the home buying market.
Hogg writes that a larger rate cut is expected in the second half of 2024, but this year** has slowed overall, and affordability for potential buyers may improve.
"Only after a significant drop in interest rates," the report saidA larger window of opportunity for buyers is likely to open. We expect this to occur in late 2024 or 2025。This is especially true for first-time home buyers, who are likely to be more financially strained. ”
RBC also noted that strong population growth will continue to sustain demand.
The Federal** plan to limit international students for two years could have a "marginal impact" on overall home buying demandThe impact on the rental market in Ontario and B.C. near tertiary institutions is the most significant.
Picture: The Canadian Press Don Denton
Canada's two most expensive real estate markets are likely to see in 2024, the report saidThe level of sales is "slightly**"., where B.C. and Ontario expect "to get better by the summer."
These provinces are expected to be as well as the provinces of Manitoba, Newfoundland and Labrador, and Quebec**Will continue**, but Hogg added that "a larger rate cut or deeper *** is needed to have a meaningful impact on buyers in expensive markets." ”
RBC also said that other provinces, such as Alberta and Saskatchewan, are also showing signs of recovery in the housing market. It is expected that these places, as well as New Brunswick and Nova Scotia, will begin to be on a year-by-year basis.