Real Estate – May 2024

From the Mak Family…

RWhen our son, NTM, was younger, we allowed him to ride one of those kiddie go-karts which was very slow but very safe!

The track was a simple oval and he couldn’t go to the big-boy karts because he wasn’t old enough nor tall enough.

Fast forward a few years, and we felt that NTM was mature enough to ride the adult go-karts.

This is a picture of his first experience with pretty FAST cars and boy did he have fun swerving around the track!

It was a fun trip and we’ll definitely be back soon because we’re always looking for exciting family outings.

If anyone has any ideas, we’re always open to suggestions!


Is the Summer Market here?

In May 2024, the average home sold for $1,165,691. This is up +0.8% from last month and down -2.5% from last year. There were 7,013 sales in May which is -21.73% lower than in 2023.

Earlier this month, the Bank of Canada dropped the interest rate 0.25%, which was the first change in about a year and the first drop since March 2020.

Typically a rate-drop increases the average price and generates a lot more real estate activity.

However, in the past month, we are seeing a LOT more houses on the market so I think it will be a slow Summer.

Once everything stabilizes, I think we’re going to see a very busy Fall especially if another interest rate cut comes!

We’ll see what happens when July 24 comes around.

If you’re a Buyer…
There is a LOT of inventory out there depending on the neighbourhood you’re looking at.  It’s a GREAT TIME to go shopping with a lot of selection if you have very specific requirements.

If you’re a Seller…
There’s a lot of competition.  If you don’t have to sell right now, I would wait.  Whether you plan to rent out your property or renovate so that you can sell in the Fall, it isn’t the optimal time to list your home.

Is it the right time to buy or sell?
Call me at (416) 276-4895.


JUST LISTED

This stunning 3-bedroom townhouse has an open-concept kitchen with an abundance of natural light on every floor.

Enjoy the outdoors with a private terrace or backyard where you can BBQ, entertain guests and relax. This home also overlooks Michael Power Park which has a super-fun splash pad to keep young families occupied for hours.

Want a private viewing?
Call me at (416) 276-4895 and let’s have a chat.

JUST SOLD

Congrats to G & R who sold their property with 2 competing offers for FULL PRICE in only 6 days!

This beautiful, 4 acre, waterfront property in Sudbury lines the Vermillion River known for its exceptional fishing and scenic shorelines.

Looking for a house outside of Toronto?
Call me at (416) 276-4895 and let’s see what’s out there!


Are you looking for the hardest
working agent in the GTA?

LAWRENCE MAK
Real Estate Broker
EXP Realty, Brokerage
(416) 276-4895
Homes@LawrenceMak.com

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