Today’s Simcoe County market update November 2024 coincides with the Bank of Canada’s announcement this morning of a 50-basis-point cut to its policy rate, lowering it to 3.25%.
Year-over-year, we are seeing increased activity in Simcoe County as a whole with sales surging by an impressive 63.23% over November 2023, and the average price increasing by 3.41% to $811,934. New listings increased by 9.06%, and active listings saw a substantial 58.60% growth, reflecting higher inventory levels. Keep in mind that at this time last year, the Bank of Canada’s policy rate was 5%, making obtaining a mortgage considerably more expensive.
However, when looking month-to-month, we see some of the seasonal slowing that is common at this time of the year, with sales dipping by 6.66% since October 2024, and the average price declining by 3.78%.
Several individual markets showed unique trends. Barrie experienced a 55.65% year-over-year increase in sales and a 5.82% rise in average price but saw slight month-over-month decreases in both sales and price. Innisfil had an impressive 110.34% increase in year-over-year sales, accompanied by an 8.37% rise in average price, though prices notably surged month-over-month by 10.55%. Meanwhile, Bradford West Gwillimbury experienced contrasting trends, with a 14.13% year-over-year decrease in average price and a 30.91% month-over-month drop in sales. Clearview stood out for its year-over-year sales growth of 250% and a striking 18.56% increase in average price, demonstrating strong demand in that area.
With the recent rate cut, we expect that it will act as a catalyst for increased activity in January and February. Lower borrowing costs may encourage more buyers to enter the market, particularly first-time buyers and investors, who could capitalize on reduced mortgage rates. We also expect that Sellers may find renewed interest in listing their properties, potentially balancing supply and demand dynamics.
If selling in the new year is on your radar, let’s chat now so that you can be ready to take advantage of the market changes – contact us!
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