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Dos and Don’ts of Buying New Construction
Purchasing a newly constructed home can be an exciting experience, offering modern amenities and the opportunity to be the first owner. However, it’s essential to navigate this process carefully to ensure you make the best decision. Here are some key dos and don’ts to keep in mind when buying new construction.
Do:
Hire a real estate agent
Even though you’re dealing directly with a builder, having a real estate agent by your side is crucial. An experienced REALTOR® can help you navigate the process, negotiate on your behalf, and protect your interests throughout the transaction.
Research the builder
Before committing to a new construction home, thoroughly research the builder’s reputation and track record. Look for online reviews, visit their completed projects, and speak with current homeowners in their developments to gauge satisfaction levels.
Get a home inspection
Don’t assume that a brand-new home is free of defects. Hire a professional inspector to examine the property during various stages of construction and before closing. This can help identify any issues early on and ensure they’re addressed by the builder.
Read the fine print
Carefully review all contracts and warranties. Pay attention to what’s included in the base price and what’s considered an upgrade. Understanding these details can help you avoid unexpected costs and restrictions.
Consider future value
When selecting upgrades and customizations, focus on structural improvements and features that will add long-term value to your home. Some people may want to consider the resale potential and how their choices might appeal to future buyers.
Don’t:
Assume everything is negotiable
While there may be room for negotiation on certain aspects, don’t expect the builder to slash prices dramatically. Instead, focus on negotiating upgrades, closing costs, or other incentives that can add value to your purchase.
Overlook the neighbourhood
New construction often takes place in developing areas. Consider the location carefully, including future plans for the neighbourhood, potential commute times, and nearby amenities. Remember that young trees and empty lots will take time to mature and develop.
Skip the warranty review
Carefully examine the builder’s warranty and understand what it covers and for how long. Be aware of any limitations and procedures for filing claims. Consider purchasing additional warranty coverage if necessary.
Forget to budget for extras
Remember that many new construction homes don’t come with everything you might expect. Budget for items like landscaping, window treatments, and additional storage solutions that may not be included in the base price.
Waive contingencies
Even with new construction, it’s important to include contingencies in your contract for factors such as financing, appraisal, and inspection. These protect you in case unexpected issues arise during the process.
Final Thoughts: Navigating New Beginnings
By following these dos and don’ts, you’ll be better prepared to navigate the exciting journey of buying a new construction home. Remember, while the allure of a brand-new house is strong, it’s crucial to approach the process with diligence and care to ensure you’re making a sound investment in your future.
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
Bank of Canada Reduces Policy Rate to 3.75%
The Bank of Canada (BoC) has once again made headlines with its latest monetary policy decision, cutting its key interest rate by a substantial 50 basis points to 3.75%. This move, announced on October 23, 2024, marks the fourth consecutive rate cut this year and signals a significant shift in the central bank’s approach to managing the economy and inflation.
What’s Behind the Cut?
The BoC’s decision comes as inflation has cooled considerably, dropping from 2.7% in June to 1.6% in September. This decline, coupled with a softening labor market and modest economic growth, has given the central bank room to maneuver. The bank’s governor stated that with inflationary pressures no longer broad-based, this rate cut aims to support economic growth while keeping inflation close to the 2% target.
Impact on the Real Estate Market
For the real estate sector, this rate cut could be a game-changer. Here’s how:
- Mortgage Rates: Variable-rate mortgages are likely to become more affordable, potentially leading to reduced monthly payments for existing homeowners and improved buying power for prospective purchasers.
- Housing Demand: Lower borrowing costs could stimulate demand, particularly in markets that have seen a slowdown in recent months.
- Construction and Development: With cheaper financing, we might see an uptick in residential construction and renovation projects.
- Investment Properties: Real estate investors may find more attractive opportunities as financing costs decrease.
Economic Outlook
The Bank of Canada’s latest projections paint a picture of gradual economic strengthening:
- GDP growth forecast: 1.2% in 2024, 2.1% in 2025, and 2.3% in 2026
- Inflation expected to remain close to the 2% target over the projection horizon
- Unemployment rate currently at 6.5%, with the labor market described as “soft”
What’s Next?
The next rate announcement is scheduled for December 11, 2024, and market watchers will be keenly awaiting any signals of future policy direction.
Implications for Canadians
For homeowners and potential buyers, this rate cut presents both opportunities and considerations:
- Existing Homeowners: Those with variable-rate mortgages may see immediate benefits in terms of lower monthly payments. It might also be a good time to consider refinancing for those with fixed-rate mortgages.
- First-Time Buyers: The improved affordability could open doors for those previously priced out of the market. However, increased demand could also put upward pressure on home prices.
- Investors: Lower borrowing costs could make real estate investments more attractive, potentially leading to increased competition for properties.
- Sellers: A potential uptick in demand could lead to faster sales and possibly higher prices, depending on local market conditions.
Final Thoughts on the Bank of Canada’s Decision
The Bank of Canada’s latest rate cut represents a significant shift in monetary policy, with potentially far-reaching implications for the real estate market and the broader economy. While lower rates can stimulate economic activity and improve affordability, they also come with potential risks, such as increased household debt levels.
As we navigate this changing economic landscape, it’s crucial for individuals to stay informed and consider how these changes might affect their personal financial situations. Whether you’re a homeowner, a prospective buyer, or an investor, now is an excellent time to review your real estate strategy and consult with financial professionals to make the most of the opportunities presented by this new low-rate environment.
Stay tuned for further updates as we approach the next rate announcement in December, and remember that in the world of real estate and finance, being proactive and well-informed is key to success.
Read the Press Release.
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
Expert Tips for Hiring a Contractor
Hiring a contractor can be a daunting task, especially for homeowners looking to undertake significant renovations or repairs. The right contractor can make all the difference in ensuring your project runs smoothly and meets your expectations. Here are some essential tips to guide you through the process of hiring a contractor effectively.
Define Your Project Clearly
Before you start searching for contractors, it’s crucial to have a clear understanding of your project. Define the scope of work, budget, and timeline. This will not only help you communicate your needs more effectively but will also assist contractors in providing accurate estimates.
Research Potential Contractors
Take the time to research potential contractors thoroughly. Look for:
- Experience: Check how long they have been in business and their area of expertise.
- Reviews and References: Read online reviews and ask for references from past clients to gauge their reliability and quality of work.
- Licensing and Insurance: Ensure that the contractor is licensed and insured to protect yourself from liability in case of accidents or damages.
For those in the Grey Bruce area, check out www.greybrucetrades.ca for profiles on local tradespeople. Browse through their list of Grey and Bruce area businesses to find someone that is right for your job.
Get Multiple Quotes
Obtain at least three quotes from different contractors. This will give you a better understanding of the market rates and help you identify any outliers. When comparing quotes, ensure that they include similar scopes of work for an accurate comparison.
Ask the Right Questions
When interviewing potential contractors, ask questions that will help you assess their suitability:
- What is your estimated timeline for this project?
- Can you provide a detailed written estimate?
- How do you handle unexpected costs?
- Will you be using subcontractors? If so, who are they?
Review Contracts Carefully
Once you’ve selected a contractor, ensure that all details are documented in a written contract. The contract should outline:
- Scope of work
- Payment schedule
- Timeline
- Materials to be used
- Warranty information
Review the contract carefully before signing, and don’t hesitate to ask for clarification on any terms you don’t understand.
Maintain Open Communication
Effective communication is key to a successful project. Establish regular check-ins with your contractor to discuss progress, address concerns, and make any necessary adjustments. This will help ensure that everyone is on the same page throughout the project.
Maintain a Project Portfolio
Create a comprehensive portfolio for each major home improvement project, including:
- Before and after photos
- Copies of permits and inspections
- Receipts and invoices
- Warranty information for materials and workmanship
This organized documentation not only helps you keep track of improvements but also can serve as a valuable selling tool to showcase the care and investment put into your home.
Trust Your Instincts
Finally, trust your instincts when choosing a contractor. If something feels off during your interactions—whether it’s their responsiveness or professionalism—consider it a red flag. A good contractor should make you feel comfortable and confident in their abilities.
Final Thoughts
By following these tips, you’ll be better equipped to hire a contractor who meets your needs and helps bring your vision to life. Remember, investing time in finding the right professional can save you both time and money in the long run.
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
Choosing the Right Residential Floor Plan for Your Lifestyle
Choosing the right home involves more than just finding the perfect location; understanding the layout is equally important. Floor plans provide a crucial insight into how a home is structured, influencing everything from daily living to entertaining guests. By familiarizing yourself with the various types of residential floor plans, you can better assess which layout aligns with your lifestyle and preferences.
In this post, we’ll explore some of the most common residential floor plan types, helping you make informed decisions as you embark on your home-buying journey.
Open Floor Plans
Open floor plans have become increasingly popular in modern home design. These layouts typically combine the kitchen, dining, and living areas into a single, expansive space. This design promotes a sense of community and is ideal for entertaining, allowing for easy interaction among family members and guests. The lack of walls can also make a home feel larger and more inviting.
Traditional Floor Plans
Traditional floor plans feature distinct, separate rooms for specific functions, such as a separate dining room, living room, and kitchen. This layout is often favoured by those who appreciate privacy and defined spaces. Traditional homes may also include features like formal entryways and hallways, providing a classic aesthetic that appeals to many buyers.
Split-Level Floor Plans
Split-level homes are designed with staggered floor levels, which can create unique living spaces. This layout often features a few steps between different areas of the home, such as between the living room and bedrooms. Split-level designs can maximize space on smaller lots and offer a degree of separation between different areas, making them suitable for families.
Multigenerational Floor Plans
As multigenerational living becomes more common, homes designed to accommodate multiple families are gaining popularity. These floor plans often include separate entrances, living areas, and sometimes kitchens, allowing for privacy while still being part of a larger household. This layout is particularly appealing for families looking to live together while maintaining their independence.
Two-Story Floor Plans
Two-story homes typically feature a clear separation of living spaces, with common areas on the main floor and bedrooms on the upper level. This design is ideal for families, as it allows for a quiet space for children to sleep while adults can entertain or relax downstairs. Two-story homes often include features like balconies or spacious staircases, adding to their charm.
Ranch-Style Floor Plans
Ranch-style homes are characterized by their single-story layout, often spreading out horizontally across a lot. This design is popular for its accessibility, making it easier for individuals of all ages to navigate the home. Ranch homes typically feature large yards and open spaces, appealing to buyers who enjoy outdoor living.
Final Thoughts: Choosing the Right Residential Floor Plans
When considering a home, understanding the different types of floor plans can help you identify which layout best suits your lifestyle. Whether you prefer the openness of a contemporary design or the traditional feel of separate rooms, knowing your options will empower you to make informed decisions in your home-buying journey. Check out this article about how to read a floor plan.
As your real estate agent, I am here to provide personalized guidance, helping you evaluate which residential floor plan will work best for your family’s unique needs and preferences. Together, we can find a home that not only meets your requirements but also enhances your quality of life.
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
September 2024 Real Estate Market Update
REALTORS® Association of Grey Bruce Owen Sound reports MLS® home sales surge in September.
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 257 units in September 2024. This was a jump of 42.8% from September 2023.
Home sales were 5% below the five-year average and 11.5% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 1,987 units over the first nine months of the year. This increased by 1% from the same period in 2023.
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 $573,800 in September 2024, falling by 1.8% compared to September 2023.
The benchmark price for single-family homes was $582,100, a modest decline of 2% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $489,100, nearly unchanged, up only 0.3% compared to a year earlier, while the benchmark apartment price was $377,700, a minor increase of 3.9% from year-ago levels.
The average price of homes sold in September 2024 was $642,593, a modest decline of 1.5% from September 2023. The more comprehensive year-to-date average price was $645,441, up modestly by 1.7% from the first nine months of 2023. The dollar value of all home sales in September 2024 was $165.1 million, a substantial increase of 40.6% from the same month in 2023.
The number of new listings saw a moderate gain of 9.5% from September 2023. There were 543 new residential listings in September 2024. This was the largest number of new listings added in the month of September in more than three decades. New listings were 18.7% above the five-year average and 29% above the 10-year average for the month of September.
Active residential listings numbered 1,521 units on the market at the end of September, increasing by 17.4% from the end of September 2023. Active listings haven’t been this high in the month of September in more than five years. Active listings were 49.7% above the five-year average and 26.3% above the 10-year average for the month of September.
Months of inventory numbered 5.9 at the end of September 2024, down from the 7.2 months recorded at the end of September 2023 and above the long-run average of 4.4 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.
(1) Sales / new listings * 100; compared to levels from previous periods.
(2) Active listings at month end / monthly sales; compared to levels from previous periods.
(3) Sale price / list price * 100; average for all homes sold in the current month.
Board & Association Information
The REALTORS® Association of Grey Bruce Owen Sound represents approximately 450 REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.
Related: August 2024 Real Estate Market Update
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
Showing Ready: Essential Items to Put Away for Home Showings
Preparing your home for showings is essential for making a great first impression on potential buyers. Here’s a tailored guide on what to put away during showings to ensure your home looks its best:
Personal Items
- Family Photos: Remove personal photographs and artwork that showcase your family life. This helps buyers imagine themselves in the space without distractions.
- Valuables: Secure any valuable items, including jewelry, important documents, and personal electronics like laptops, to prevent theft and maintain privacy.
- Medications: Keep prescription medications out of sight to ensure a safe environment for visitors.
Everyday Items
- Clutter: Clear surfaces of everyday items like mail, keys, and shoes. A tidy space appears larger and more inviting.
- Pet Supplies: If you have pets, remove their bowls, toys, and litter boxes. This not only keeps the space clean but also avoids any distractions for potential buyers.
- Laundry: Ensure that all laundry is put away, including items hanging to dry and any clothes left on the floor.
Kitchen and Dining Areas
- Countertop Appliances: Store away small appliances like toasters and coffee makers to maximize counter space and create a clean look.
- Dish Racks: Remove any visible dish drying racks or sponges from the sink area.
- Refrigerator Magnets: Clear the refrigerator of magnets, notes, and photos for a streamlined appearance.
Bedrooms and Bathrooms
- Personal Care Items: Remove toiletries and personal items from countertops in bathrooms and bedrooms. This includes deodorants, lotions, and hair products.
- Clothing: Ensure all clothing is neatly stored in closets or dressers, with nothing visible on floors or furniture.
Final Touches
- Trash Bins: Empty all trash bins throughout the house to maintain cleanliness.
- Remote Controls: Neatly arrange or store away TV remotes and other electronic controls to reduce clutter.
- Lighting and Ambiance: Ensure all lights are on and windows are open to let in natural light, creating a warm and inviting atmosphere.
Final Thoughts
By following these steps, you can create a welcoming environment that highlights your home’s best features, making it more appealing to potential buyers. A well-prepared home not only enhances its attractiveness but also increases the likelihood of a successful sale. Check out this article from Apartment Therapy with lots of tips about decluttering.
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
Household Fire Prevention 101
October is Fire Prevention Month, a time to reflect on the importance of fire safety and to take proactive measures to protect our homes and loved ones. It’s essential to regularly review key fire prevention strategies that can significantly reduce the risk of devastating fires in your home. Here are some critical reminders to keep your living space safe.
Ensure Working Smoke Alarms
The most effective way to safeguard your home is by installing working smoke alarms. Here’s how to ensure they function correctly:
- Install smoke alarms on every level of your home, including inside bedrooms and outside sleeping areas.
- Test alarms monthly by pushing the test button to ensure they are operational.
- Change batteries at least twice a year, ideally during daylight saving time changes.
- Replace smoke alarms every 10 years, or sooner if they do not respond when tested.
Statistics show that nearly three out of five fire deaths occur in homes without working smoke alarms, highlighting their critical role in fire safety .
Practice Safe Cooking Habits
Cooking is a leading cause of home fires, so practicing safe cooking habits is vital:
- Never leave cooking unattended. If you must leave the kitchen, turn off the stove.
- Keep flammable items like dish towels and packaging away from heat sources.
- Use timers to remind you when food is cooking, especially for simmering or baking.
In case of a small grease fire, remember to smother it with a lid or use a fire extinguisher if safe to do so. If the fire escalates, evacuate immediately and call emergency services .
Maintain Heating Equipment
As temperatures drop, heating systems become essential but can also pose fire risks:
- Keep heaters away from flammable materials such as curtains and furniture.
- Have your heating system serviced regularly, including chimneys if applicable, to prevent buildup that could ignite.
- Use screens for fireplaces to contain sparks and embers.
Regular maintenance can help ensure that your heating systems operate safely throughout the colder months .
Electrical Safety
Electrical issues are another common cause of house fires. To minimize risks:
- Inspect electrical cords for damage and replace any that are frayed or worn.
- Avoid overloading outlets. Use power strips with surge protectors and plug only light-load appliances into them.
- Unplug appliances when not in use to prevent overheating.
Candle and Open Flame Safety
Candles can create a cozy atmosphere but also pose significant fire hazards:
- Never leave candles unattended. Always extinguish them before leaving a room or going to bed.
- Use sturdy candle holders that won’t tip over easily and keep them away from flammable materials.
- For fireplaces, ensure embers are completely extinguished before leaving the area.
Regular Maintenance Checklist
To keep your home safe from fires, consider this maintenance checklist:
- Test smoke alarms monthly and change batteries biannually.
- Keep an eye on cooking appliances; never leave them unattended.
- Schedule annual inspections for heating systems and clean dryer vents regularly.
- Replace damaged electrical cords immediately and avoid overloading outlets.
- Review your fire escape plan with your household at least once a year. Ensure everyone knows their escape routes and the designated meeting spot outside. Practice the plan so that everyone feels confident in case of an emergency.
Final Thoughts
By staying vigilant and proactive about fire safety, you can protect your home and loved ones from potential tragedies. Fire Prevention Month serves as a crucial reminder to take these steps seriously—not just in October but throughout the entire year. Find more resources on public safety from the Ontario Association of Fire Chiefs.
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
How to Ready Your Home for Fall: Interior & Exterior Tips for a Great Season
It’s essential to prepare your home for the seasonal transition from Summer to Autumn. This preparation not only enhances comfort but also protects your property from the challenges posed by colder weather. Here are some effective strategies to ensure your home is ready for fall.
Declutter and Clean
Start the season by thoroughly cleaning your home. Dust surfaces, vacuum carpets, scrub floors, and wash windows. This is also an ideal time to declutter; store away summer items and organize living spaces.
Additionally, focus on outdoor maintenance by cleaning out gutters to prevent clogs from falling leaves. If necessary, hire a professional to ensure this task is done safely and effectively.
Weatherproof Your Home
To maintain warmth during the cooler months, inspect and seal any gaps or cracks around windows and doors. Use caulking or weatherstripping to prevent drafts, which can significantly impact heating efficiency and comfort levels.
Check Heating Systems
Before the temperature drops, ensure your heating system is functioning optimally. Schedule a professional inspection of your furnace or heating system and replace air filters as needed. Installing a programmable thermostat can help manage indoor temperatures more efficiently.
Enhance Indoor Comfort
As the days grow shorter and cooler, it’s time to bring out cozy decor. Swap lightweight summer fabrics for heavier blankets and cushions in warm colours. Incorporate seasonal decorations like pumpkins and wreaths to create a welcoming atmosphere.
For an added sensory experience, consider using scented candles or essential oil diffusers with autumn fragrances such as cinnamon and vanilla.
Outdoor Maintenance
Prepare your outdoor spaces by trimming overgrown trees and bushes, raking leaves, and storing outdoor furniture. If you enjoy gardening, consider planting fall-blooming flowers or seasonal vegetables to keep your garden vibrant.
Additional Tips
- Inspect Your Roof: Look for loose or damaged shingles and make necessary repairs to prevent leaks during winter storms.
- Lawn Care: Aerate your lawn and overseed it to promote healthy growth for the next spring.
- Chimney Cleaning: If you have a fireplace, ensure that it is cleaned and inspected for safe use throughout the colder months.
Final Thoughts: Enjoying the Season in Comfort and Style
By following these steps, you can create a warm, inviting environment in your home while ensuring it is well-prepared for the challenges of autumn in Grey Bruce. Embrace the beauty of the season with a cozy, comfortable space that reflects the charm of fall!
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
When to Consider Buying a “Diamond in the Rough”
Let’s face it. When you visit a home during a scheduled viewing or open house, you’re usually seeing it at its best. The rooms are tidy. The sinks are clean. The closets are organized and uncluttered. Even the lighting is set to its brightest.
That’s just good old-fashioned marketing.
However, not every house you see will actually look this way. For any number of reasons, a house on the market may be less than tidy, poorly decorated, and even in need of minor repairs. You may open the front door in anticipation, only to be immediately turned off by stains on the carpets, faded paint on the walls, cluttered hallways, and more.
First impressions form quickly. It’s easy to make quick judgments and move on. But, you may be passing on what could be a dream home. Don’t make that mistake. Make your purchase decision based on a carefully considered second impression, not just your first. When viewing a house, imagine how it will look with a fresh coat of paint, some redecorating, the minor repairs completed, and your furniture adorning the rooms. You might just find that a home that doesn’t show well is really a diamond in the rough.
(One caveat: Be careful of houses that don’t look like they’ve been well maintained. There could be issues lurking that may require expensive repairs or renovations. Always make a professional home inspection a condition of your offer.)
There are advantages to buying a home that doesn’t show well. They attract less interest and, therefore, less competition from other potential buyers.
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
August 2024 Real Estate Market Update
REALTORS® Association of Grey Bruce Owen Sound MLS® home sales continue to show signs of picking up in August.
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 236 units in August 2024. This was an increase of 7.8% from August 2023.
Home sales were 14.9% below the five-year average and 23.6% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 1,721 units over the first eight months of the year. This was a small reduction of 3.3% from the same period in 2023.
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 $582,200 in August 2024, essentially unchanged, down just 0.2% compared to August 2023.
The benchmark price for single-family homes was $591,200, a slight reduction of 0.3% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $473,200, edging down 0.8% compared to a year earlier, while the benchmark apartment price was $384,500, a gain of 4.9% from year-ago levels.
The average price of homes sold in August 2024 was $645,294, increasing by 4.9% from August 2023. The more comprehensive year-to-date average price was $645,371, a modest gain of 2.1% from the first eight months of 2023. The dollar value of all home sales in August 2024 was $152.3 million, up by 13% from the same month in 2023.
The number of new listings saw an increase of 5.6% from August 2023. There were 471 new residential listings in August 2024. This was the largest number of new listings added in the month of August in more than five years.
New listings were 13.2% above the five-year average and 14.5% above the 10-year average for the month of August.
Active residential listings numbered 1,398 units on the market at the end of August, a sizable gain of 12.3% from the end of August 2023. Active listings haven’t been this high in the month of August in more than five years. Active listings were 39.8% above the five-year average and 11.4% above the 10-year average for the month of August.
Months of inventory numbered 5.9 at the end of August 2024, up from the 5.7 months recorded at the end of August 2023 and above the long-run average of 4.3 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.
1) Sales / new listings * 100; compared to levels from previous periods. (2) Active listings at month end / monthly sales; compared to levels from previous periods. (3) Sale price / list price * 100; average for all homes sold in the current month.
Board & Association Information
The REALTORS® Association of Grey Bruce Owen Sound represents approximately 450 REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.
Related: July 2024 Real Estate Market Update
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
