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8 Friday, November 22, 2024brooklintowncrier.com Direct: 905 655 7236 Office: 905 239 4800 Eleanor KingEleanor King B. N. B. N. RealtorRealtor Maurice KingMaurice King B.E.D.S., B.Arch.B.E.D.S., B.Arch. RealtorRealtor What others are saying... "Trusted advisor!" | "Customer Focused!" | "Local Expert!" | "Professional!" | "Knowledgeable!" "Hard Working!" | "Accessible!" | "Dependable!" | "Patient!" | "Reliable!" "Well Prepared!" | "Honest!" | "Strong Negotiator!" "Superb Service!" Want to know what's happening in the market? Want to Know the Value of your House? Call Us Now! 905.655.7236 There is no cost or obligation! Your Trusted Source to Buy, Sell or Invest! 905.655.7236 view 1000's of Homes for sale at KingHomeTeam.com or KingOfBrooklin.com MARKETING YOUR HOME FOR ALL IT IS WORTH! Townhouse Pre-Construction Sale! **Photo similar to house being built Not intended to solicit those under contract. Sideline buyers re-turn to Market It was described as "oversized," "supersized" and "jumbo." Regardless of how you define the Bank of Canada's benchmark interest rate cut of 50 basis points to 3.75 per cent last month, it's proving to be welcome news to homebuyers who were waiting on the sidelines to re-enter the market. And at least one economist predicts more interest rate cuts are on the horizon, along with a substantial increase in sales and a modest increase in home prices. The Toronto Regional Real Estate Board (TRREB) reported a strong increase in home sales year-over-year in October 2024. New listings were up over the same period but by a lesser annual rate, resulting in tighter market conditions compared to October 2023. It also reported the average selling price was up slightly on an annual basis. "While we are still early in the Bank of Canada's rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October," TRREB President Jennifer Pearce tells us. "The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity." GTA realtors reported 6,658 home sales through TRREB's MLS® System in October 2024 - up by 44.4 per cent compared to 4,611 sales reported in October 2023. The MLS® System saw 15,328 new listings - up by 4.3 per cent year-over- year. On a seasonally adjusted basis, October sales increased month-over-month compared to September. The MLS® Home Price Index Composite benchmark was down by 3.3 per cent yearover year in October 2024. The average selling price was up by 1.1 per cent compared to October 2023 to $1,135,215. On a seasonally adjusted basis, the average selling price edged up compared to September. "Market conditions did tighten in October but there is still a lot of inventory and therefore choice for home buyers," says TRREB Chief Market Analyst Jason Mercer. "This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025." Here in Durham Region, the average home price in October 2024 was $888,914 reflecting a decrease from $932,237 in October 2023, the Central Lakes Association of Realtors reports. However, the number of sales rose significantly, increasing by 52 per cent from 586 to 888 during the same period. The King Home Team: Royal Heritage Realty stays abreast of market conditions and recently attended a workshop in which CIBC Deputy Chief Economist Benjamin Tal predicted the variable rate will come down to 2.5 per cent and perhaps even 2.25 per cent next year, while the five-year rate will land around 4.5 per cent. He expects to see a 10 per cent increase in sales and a two to three per cent increase in home prices in 2025, which he described as a "transition year" that will build to a "strong market." Whether you're thinking of selling and/or buying, The King Home Team is here to help navigate the evolving market. If you find yourself in a financial bind when it comes time to renew your mortgage and are considering downsizing, please know we'll provide valuable advice and will work with your budget to meet your needs. Please visit our website at www.kinghometeam.com for featured listings and informative blogs on topics that include why you should choose The King Home Team to market your home when you decide to list. Search 1000's of Homes. Find SOLD details in your neighbourhood at search.Look4DurhamHomes.com Gorgeous Townhouse Bungaloft Thinking of Making a Move? Call us for similar results! 905.409.6730 More New Build Bungalows Available! Quality Finishes! Loads of Extras Which do you prefer, a team that sells the most houses or the realtor that sells your home for the most? Call us, 905.409.6730. We will show you how we do it. 4 Bedroom with Loads of Extras Another Christmas Carol: A Panto Sequel Dec 27-31 Whitby Centennial Building Theatre, 416 Centre St S Have you ever wondered what happened to Ebeneezer Scrooge, Tiny Tim and all the other characters from the original Dickens' story? Well, in this hilarious Panto Sequel, Scrooge must seek the help of some friends to stop a now grown up Tiny Tim, who is returning to London from America with a terrible dastardly plan to take over the family business and become the most powerful man in London. You will get to boo and cheer, laugh and dance in your seat to a score of popular music. But beware...you might see a ghost or two. Dream Co.'s 3rd Annual Christmas Cottage Dec 14 & 15 Old Brooklin Community Centre, 45 Cassels Rd A family friendly event where the kids get to meet and take a picture with Santa, build a Christmas decoration, play games and enjoy some delicious cookies and hot chocolate. Don't forget to bring a non-perishable food item to support our local food bank and lend a helping hand for those in need during the Christmas Season. Part of the proceeds from the Cottage will also be donated to Feed The Need Durham. Brought to you by Mason Bennett Johncox Lawyers.