Grey Bruce MLS® Home Sales Surge in 2024

by Susan Moffat

OnePoint Association of REALTORS® – Grey Bruce and Owen Sound MLS® home sales surge in 2024.

The number of homes sold in Grey Bruce and Owen Sound via the MLS® System of the OnePoint Association of REALTORS® totaled 116 units in December 2024. This was a jump of 81.3% from December 2023. Home sales were 13.7% above the five-year average and 4.6% below the 10-year average for the month of December. On an annual basis, home sales totaled 2,478 units over the course of 2024. This was a substantial gain of 41.1% from 2023.

“Sales activity marked a rapid and significant recovery throughout 2024, boosting annual totals well above where they stood in the previous two years and nearly getting back on par with 2021,” said Bonnie Looby, President of the OnePoint Association of REALTORS®. “An exceptional increase in activity was spurred by a resurgence in new listings, with motivated sellers responding in force to renewed optimism from buyers who were gradually easing back into the market. Although the local market is at present close to buyer’s territory with above-average levels of supply, momentum is moving in the right direction and we are looking ahead to a more active spring market.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $569,200 in December 2024, a modest gain of 2.9% compared to December 2023.

The benchmark price for single-family homes was $577,500, up modestly by 3% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $478,500, essentially unchanged, down just 0.7% compared to a year earlier, while the benchmark apartment price was $370,300, a small gain of 1.6% from year-ago levels.

The average price of homes sold in December 2024 was $632,284, a decline of 5.7% from December 2023. The more comprehensive annual average price was $652,448, nearly unchanged, up only 0.9% from all of 2023. The dollar value of all home sales in December 2024 was $73.3 million, a substantial increase of 71% from the same month in 2023.

The number of new listings saw a jump of 75.2% from December 2023. There were 177 new residential listings in December 2024. This was the largest number of new listings added in the month of December in more than a decade. New listings were 62.4% above the five-year average and 52.1% above the 10-year average for the month of December.

Active residential listings numbered 1,055 units on the market at the end of December, a substantial gain of 49.2% from the end of December 2023. Active listings haven’t been this high in the month of December in more than five years. Active listings were 84.6% above the five-year average and 58.4% above the 10-year average for the month of December.

Months of inventory numbered 9.1 at the end of December 2024, down from the 11 months recorded at the end of December 2023 and above the long-run average of 5.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

* Statistics in this report are subject to revision due to a recent migration to a new MLS® system.

Board & Association Information

OnePoint Association of REALTORS® serves as a unified body representing almost 3,000 real estate professionals across the regions of Huron, Perth, Grey, Bruce, Wellington, Georgian Bay, Simcoe, Parry Sound, Haliburton and Muskoka.

Wondering how these numbers might impact your real estate plans? Whether you’re buying, selling, or just curious about market trends, I’ve got you covered! Let’s navigate the market together! Contact me for a complimentary, no-obligation property valuation!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage

519.377.5154

susan.moffat@c21.ca

Market Updates • Market Updates • Market Updates • 29 January 2025

Bank of Canada Reduces Policy Rate to 3%

by Susan Moffat

The Bank of Canada (BoC) has made a significant move in its monetary policy, reducing its key interest rate and announcing the end of quantitative tightening. This decision, announced on January 29, 2025, has important implications for the Canadian economy and individual Canadians. Let’s break down the key points and their potential impact.

The Rate Cut

The BoC has reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%. This 25 basis point cut is a clear signal that the central bank is taking action to support economic growth.

End of Quantitative Tightening

In addition to the rate cut, the BoC is ending its quantitative tightening program. They plan to restart asset purchases in early March, allowing their balance sheet to stabilize and then grow modestly in line with economic growth. This move is aimed at providing further support to the economy by increasing liquidity in the financial system.

Economic Outlook

The Bank of Canada’s decision is based on several key economic factors:

Past interest rate cuts have started to boost the Canadian economy, with recent strengthening in both consumption and housing activity expected to continue. However, business investment remains weak.
GDP growth is forecast to strengthen in 2025. The Bank projects GDP will grow by 1.8% in both 2025 and 2026, which is somewhat higher than potential growth. This is despite slower population growth due to reduced immigration targets.
Inflation remains close to the 2% target, with some volatility. The Bank expects CPI inflation to stay around the 2% target over the next two years.

Potential Impacts

For Canadians, this rate cut could have several implications:

Lower borrowing costs: Mortgages, lines of credit, and other loans may become more affordable.
Increased economic activity: Lower interest rates are expected to boost household spending and gradually strengthen the economy.
Currency effects: The Canadian dollar has already depreciated against the US dollar, largely due to trade uncertainty and broader strength in the US currency. This trend may continue, affecting import prices and travel costs.

Risks and Uncertainties

While the BoC’s move is generally positive for economic growth, there are some risks to consider:

The Bank notes that projections are subject to more-than-usual uncertainty due to the rapidly evolving policy landscape, particularly the threat of trade tariffs by the new administration in the United States.
A protracted trade conflict could lead to weaker GDP and higher prices in Canada. If broad-based and significant tariffs were imposed, it would test the resilience of Canada’s economy.

What’s Next?

The Bank of Canada’s next rate announcement is scheduled for March 12, 2025. Follow my page for more real estate news and information!

Final Thoughts on the Bank of Canada’s Decision

The Bank of Canada’s decision to cut rates and end quantitative tightening reflects its commitment to supporting economic growth while maintaining price stability. The Bank will continue to closely monitor developments and assess their implications for economic activity, inflation, and monetary policy in Canada. For Canadians, this may present opportunities in terms of borrowing and investment, but it’s also a reminder to stay informed about economic developments and how they might affect personal financial decisions.

Read the Press Release.

Whether you’re a homeowner, prospective buyer, or real estate investor, understanding these market changes is crucial. As your trusted REALTOR®, I’m here to help you navigate these shifts and make informed decisions! Call, text, email, or DM me to chat about how this announcement affects your real estate plans!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Buying • Homeownership • 22 January 2025

Septic Systems 101: What Every Homebuyer Should Know

by Susan Moffat

When house hunting, you might come across properties with septic systems. While these systems are common in rural areas, they can be a mystery to many homebuyers who have only used municipal sewer systems. Let’s demystify septic systems and explore what you need to know before purchasing a home with one.

What is a Septic System?

A septic system is a self-contained wastewater treatment structure used in properties not connected to municipal sewer lines. It typically consists of two main components:

A septic tank that separates solids from liquids
A drain field (or leach field) where treated water seeps into the ground

How Does it Work?

Wastewater from your home flows into the septic tank, where bacteria break down solid waste. The liquid then flows into the drain field for further natural filtration before returning to the groundwater.

Maintenance Matters

Proper maintenance is crucial for the longevity and efficiency of your septic system:

Schedule professional inspections annually
Pump the tank every 3-5 years
Be mindful of what goes down your drains
Regular maintenance can help prevent costly repairs and extend the life of your system.

Red Flags to Watch For

When viewing a property, be alert to these potential septic system issues:

Slow draining sinks or toilets
Foul odours around the drain field
Unusually lush or soggy grass over the septic area
Water backing up in household drains

The Importance of Professional Inspection

Before purchasing a home with a septic system, you can hire a professional inspector to:

Assess the overall condition of the system
Identify any existing or potential problems
Provide an estimate of the system’s remaining lifespan

This information is invaluable for making an informed decision and potentially negotiating the home’s price.

Impact on Property Value

A well-maintained septic system can be an asset to your property. However, a failing system can be a significant liability. Understanding the condition of the septic system is crucial when evaluating a property’s true value.

Living with a Septic System

If you’re new to septic systems, don’t worry! With proper care, they’re reliable and environmentally friendly. Just remember:

Conserve water to avoid overloading the system
Use septic-safe products
Keep detailed maintenance records

Final Thoughts

While a septic system might seem daunting at first, it’s a manageable aspect of homeownership. By understanding how it works and committing to proper maintenance, you can ensure your septic system serves you well for years to come.

Remember, if you have any questions or concerns about a property’s septic system, don’t hesitate to ask your real estate agent or a septic professional. Additionally, the Ontario government has more information about septic systems on their website.

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Market Updates • 20 January 2025

December 2024 Real Estate Market Update

by Susan Moffat

Board & Association Information

*IMPORTANT: Due to the transition, December data is not 100% accurate as some members had to relist their listings in PropTx which could appear as ‘new’.

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage

519.377.5154

susan.moffat@c21.ca

Homeownership • 15 January 2025

Bringing Nature Indoors: The Incredible Benefits of Houseplants

by Susan Moffat

Houseplants are more than just decorative elements in our homes; they are vital contributors to our mental and physical well-being. As we navigate our busy lives, bringing a bit of nature indoors can provide numerous benefits that enhance our daily experiences. Here’s a closer look at why incorporating houseplants into your living space is a smart choice.

Stress Reduction and Emotional Well-being

Houseplants are powerful stress-busters. In a fascinating study, researchers compared participants performing two different tasks: transplanting a houseplant versus completing a computer task. The results were striking – those working with plants experienced a significant decrease in blood pressure and felt more comfortable and soothed. Experts like Melinda Knuth, a horticultural science professor, note that being around plants can actually reduce cortisol levels, our primary stress hormone.

Boosting Productivity and Attention

The benefits of houseplants extend beyond emotional wellness. Research demonstrates that plants can dramatically improve workplace and learning environments. In one study, college students working in a lab with plants completed tasks 12 percent faster and experienced reduced stress. For children, the impact is even more profound – elementary students in classrooms with real plants showed improved concentration and attention in brain scans.

Enhancing Happiness and Life Satisfaction

Perhaps most compelling is plants’ ability to elevate mood. An experiment revealed that individuals spending just 5-10 minutes in a room with houseplants reported higher happiness levels compared to those in plant-free spaces. Interestingly, purple and green plants were particularly effective at reducing negative emotions.

Mental Health and Therapeutic Benefits

Beyond immediate mood improvements, houseplants offer deeper psychological support. During the pandemic, studies showed that people with houseplants experienced fewer symptoms of depression and anxiety. Some medical clinics have even begun “prescribing” plants to patients dealing with mental health challenges.

Practical Considerations

When selecting houseplants, consider low-maintenance options like succulents or cacti, which are perfect for beginners. These plants not only beautify your space but also provide a gentle reminder of self-care and nurturing.

Final Thoughts on the Benefits of Houseplants

By introducing houseplants into your indoor environment, you’re not just decorating – you’re creating a sanctuary that supports your mental and emotional well-being. This winter, let a little green transform your living space into a haven of tranquility and joy.

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Buying • 8 January 2025

How to Know You’ve Found ‘The One’ in Your Home Search

by Susan Moffat

Recognizing when you’ve found the right home to make an offer on is a crucial step in the home-buying process. It can be an emotional journey filled with excitement and uncertainty, but certain signs can help you confidently determine if a property is “The One.” Here are key indicators to look for as you navigate your house-hunting experience.

You Feel an Immediate Connection

From the moment you walk through the door, you should feel a sense of comfort and belonging. If the house resonates with you emotionally and feels like home, that’s a strong indicator that you may have found the right place. Pay attention to how at ease you feel in the space; if it feels right, it likely is.

The Home Meets Your Criteria

Before starting your search, create a list of your must-haves and nice-to-haves. If the home checks off most of these boxes—such as the number of bedrooms, layout, and location—you’re on the right track. While no home will be perfect, it should align closely with your essential needs.

You Can Envision Your Future There

A significant sign that you’ve found the right home is your ability to imagine your life unfolding within its walls. Whether it’s hosting family gatherings or enjoying quiet evenings, if you can see yourself living there long-term, it’s a promising sign.

It Fits Within Your Budget

Financial considerations are paramount in any home purchase. The right home should comfortably fit within your budget without causing financial strain. This ensures that you can enjoy your new space without ongoing stress about payments.

You Start Thinking About Personal Touches

If you find yourself mentally arranging furniture or imagining how to decorate the space, this is a clear sign of attachment. Visualizing how your belongings will fit into the home indicates that you’re already picturing yourself living there.

You Feel Excited About Making an Offer

When thinking about putting in an offer brings feelings of excitement rather than anxiety, it’s a strong indication that this home might be right for you. This sense of readiness can often outweigh any lingering doubts.

Your Gut Instincts Are Strong

Sometimes, intuition plays a significant role in decision-making. If everything about the home feels right and you can’t stop thinking about it after leaving, trust your gut feelings—they can often guide you toward the right choice.

You’re Ready to Commit

If the thought of making an offer excites you and feels like a natural next step, it’s likely time to act. A sense of commitment and enthusiasm about the property is often a sign that you’ve found “The One”.

You Defend Its Flaws

If friends or family point out flaws in the home but you find yourself passionately defending it, this attachment suggests that you’ve developed a connection that goes beyond mere practicality.

You Want to Stop Looking

If this house has raised the bar so high that nothing else compares, and you’re ready to stop your search altogether, it’s likely time to make an offer. Feeling satisfied with what this home offers can indicate it’s truly the right fit for you.

Final Thoughts on the Home Search

Finding “The One” in real estate is not just about checking boxes; it involves emotional connections and practical considerations. By recognizing these signs during your house hunt, you can confidently make an informed decision with your REALTOR® when it’s time to submit an offer on your dream home. Trust yourself throughout this process—your instincts are valuable guides on this exciting journey!

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca