If you are thinking about updating your home or making a few tweaks to your color scheme, you may want to consider the latest real estate design trends. While trends come and go, some impactful updates are present in today’s market that influence home buyer decisions and drive up the value of some homes in the region. For 2024, you'll want to keep these real estate design trends in mind.

The Kitchen Is at the Heart of the Home

Renovations and updates are heavily focused on the kitchen this year. That means updates that focus on sustainability and safety for the most part. Features like walk-in pantries, more organized storage areas, and bigger windows that let more light in are all common trends. The kitchen is a great place to mix mediums, too, from stainless steel that’s timelines to wood with special finishes. There are some impressive ways to create a custom look here.

More Native Landscaping

Another design trend is happening outdoors with the inclusion of more natural landscaping. Less formal and less planned, these outdoor spaces are designed to make homes green and conservation-focused. Some properties are pushing for landscapes that are mostly natural in their design, with preserved wooded areas or even the addition of a working farm.

Exterior Neutral Colors

When it comes to color, always choose a color that you love and that fits your goals. One of the design trends today is to utilize more neutral colors, but there’s a bit of a difference here. For example, many of these neutrals are deeper blues or charcoal gray colors rather than natural whites and beiges. They are just more natural in their color profile than others.

Moving Towards Luxury

Today’s real estate market has a place for luxury home buyers. Luxury building spaces include more of the amenities people want and use. An open floor plan, more wood detailing throughout the space, and exceptional kitchens are some of the most important features in higher-end homes.

Sustainability in Every Way Is Essential

Whether updating the home’s heating and cooling system, choosing landscaping, or making a major move to solar energy systems, there is a strong focus on sustainability in real estate design trends today. In new construction, this includes modifying the building layout and using more refined, higher-end systems that are far more efficient than older systems. This includes Zero Energy Ready Homes, a new standard for reducing environmental impact.

The goal for these updates is twofold: Reduce construction waste that clogs landfills and improve energy efficiency in homes, driving down the carbon footprint of any property. You will notice this in every component of home design, from tighter home envelopes to improved windows and better use of smart technology.

The Types of Homes People Are After

When we consider real estate design and trends, it’s important to note what people buy or build. Single-family homes are still the most sought-after properties, followed by townhomes. Consumers expect to have outdoor spaces in their homes, and that includes having the flexibility to step outside onto a veteran or enjoy shared amenities within the community.

Apartment living is still in demand, but apartment sizes are increasing. Consumers who spend more time at home than ever are interested in larger spaces with bigger kitchens and more specific areas for hobbies. Even renters, who remain a large part of the real estate market in many areas, are interested in larger spaces for their investment.

Aging population updates and design features are also important to today’s real estate trends. In particular, more seniors want to stay at home instead of moving into community programs. That has led to the need to create more attractive spaces for an aging population. That could include beautiful interior updates in senior complexes or more activities within a senior community to keep people active.

Exploring the World and Options Around You Is Easy to Do

Our team at Yin-Lynn Low Real Estate wants to help you find the perfect home for the lifestyle you hope to live. Don’t wait to contact us to schedule a showing of the latest properties today!

Every year, the U.S. Census Bureau publishes the Vintage population estimates, including international and domestic migration statistics. According to the recently published Vintage 2023 report, U.S. population trends are returning to pre-pandemic levels, resulting in the largest gains since 2018. The reason is decreased deaths and increased migration. In this analysis, we use this information to identify markets that are expected to continue to grow popular among Americans and international movers as we enter 2024.

Key Findings

• In 2023, the United States population gained 1.6 million people.

• Between July 2022 and July 2023, the U.S. gained more than 1.1 million foreign nationals.

• Most international movers chose to live in large states, such as Florida, California, Texas, and New York.

• Even though New York and California gained international migrations, these states experienced significant losses in domestic migration.

• Previous NAR analysis of data from 2022 shows that most domestic movers left large states and metropolitan areas mainly because of affordability considerations.

For More Information on This Article, Visit https://www.nar.realtor/blogs/economists-outlook/migration-plays-a-role-in-restoring-u-s-population-to-pre-pandemic-levels

The Toronto property market has had a shaky few years, but things could finally be looking up. Home sales and new listings increased in January 2024 compared to January 2023, according to the Toronto Regional Real Estate Board (TRREB). Market conditions could improve further as inflation and borrowing costs decline, opening up new opportunities for buyers. That makes the coming months a potentially great time to purchase or sell a new home in this amazing city. A reputable local real estate agent can guide you through this complicated process.

Home Sales Are Up

Total residential sales in Toronto grew a huge 37% from January 2023 to January 2024, with 4,223 transactions reported last month, which is great news for sellers. This increase could be because of lower borrowing costs, with more homebuyers taking out fixed-rate mortgages offering competitive terms.

If you buy a home in the next few months, a fixed-rate mortgage will protect you from sudden interest rate increases, allowing you to make the same repayment to a lender every month.

Home Listings Also Increased

There were 6.1% more listings on the Toronto market in January 2024 compared to January 2023. In total, homebuyers could choose from 8,312 homes — up from 7,836 homes at the same time last year. If this trend continues, you'll be spoiled for choice when finding a property in this incredible city.

Toronto's sales-to-new listings ratio also grew by 12% year on year, according to TRREB's data. That suggests increased demand for properties in January 2024 compared to January 2023.

Average Selling Price Stays the Same

Homes in Toronto sold for an average of $1,026,703 in January 2024. That's just 1% less than the average price in January 2023 — $1,036,925. However, experts predict that prices in the Greater Toronto Area could rise significantly at some point this year, which will benefit all you sellers out there. However, if you're a buyer, you might want to consider purchasing a home sooner rather than later.

If you decide to buy or sell a property in the near future, a local real estate expert can help. The right realtor can provide support in an ever-fluctuating market and make your life so much easier.

Other Local Market Insights

TRREB revealed other trends in the Toronto property market in its most recent report. For example, the average number of days a home stays on the market jumped from 41 to 54 — an increase of 31.7%.

Also, certain property types experienced less growth than market averages. Condo apartment sales, for instance, dropped 3.4% from Q4 2022 to Q4 2023. In the commercial market, leasing activity through the Toronto Multiple Listing Service (MLS) rose 14.5% from Q3 2022 to Q4 2023. However, total sales through the Toronto MLS decreased by 20.4%.

What's Driving These Changes?

Lower inflation is one factor having a positive impact on the Toronto real estate market. The Bank of Canada expects inflation to remain at around 3% in the first half of 2024 before returning to target levels next year. These predictions might encourage homebuyers to move back to the market and invest in real estate.

TRREB's Chief Market Analyst Jason Mercer says:

"Once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, expect home sales to pick up even further. There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains constrained."

Lower mortgage rates are also making homeownership a more attractive prospect, especially for first-time buyers paying high rents. Mortgages with competitive interest rates could fuel the property market and increase demand for homes.

That said, TRREB notes that the federal and municipal governments still need to address policy issues impacting the market, such as the need to build new homes. First-time buyers also need financial help to get a foothold on the property ladder. Solving this issue will reduce pressure on the strained rental markets in Toronto and other Canadian cities.

Why You Should Work With a Local Realtor

The Toronto property market is finally showing signs of recovery, with home sales and new listings on the rise. Lower inflation and borrowing costs are positively impacting real estate, making it a good time to buy property for many locals.

If the market continues to improve, demand for the best homes in Toronto will likely increase. That's why it's a good idea to work with a reputable realtor in Toronto who can find properties not listed on the MLS. An experienced expert can also negotiate on your behalf and help you find the perfect home that matches your budget. If you're a seller, a realtor can help you get the best price for your property as demand for homes in the city increases.

Now, you can explore the best of the Toronto real estate market with Yin-Lynn Realtor Group. Contact us now for a consultation.

RE/MAX Hallmark finished the year on a high as the top selling and listing real estate brokerage in multiple Ontario cities, including right here in Toronto. In total, its agents listed and sold thousands of units across the city in 2023, beating out other long-standing companies in many markets. Learn more about RE/MAX Hallmark's record-breaking year below and the benefits of working with a realtor who is part of this brand. 

Top Selling and Listing Agency

RE/MAX Hallmark listed or sold more properties in several major Ontario markets last year than any other real estate companies. Here are some of the brokerage's achievements: 

Toronto 

In 2023, RE/MAX Hallmark listed 4,634 units in the Toronto MLS area—and sold 3,276 of them. It was also the No.1 seller of properties valued at $600,000 or more and $1 million or more in the City of Toronto. 

In the central and east districts of the city, RE/MAX Hallmark listed 1,157 properties—more than any other company in these areas—and sold 828 units. It was a similar story in Toronto's E01 area, where RE/MAX Hallmark listed more units than the next five companies combined. In the E02 area, the company sold more properties than the next three companies combined. 

In addition, RE/MAX Hallmark listed or sold thousands of units in other key areas of the city, including E03, E04, and E06.

Ottawa

Over in Canada's capital, RE/MAX Hallmark was the top listing and selling real estate brokerage in multiple neighborhoods. For example, it listed and sold more units than competitors in Orleans, Gloucester, District 11, District 20, and District 21. 

Looking at the City of Ottawa as a whole, RE/MAX Hallmark came out on top for listing and selling, beating rivals such as Royal LePage and eXp Realty. 

Durham Region 

RE/MAX also experienced enormous success in Durham and its surrounding areas. It was the No.1 listing brokerage in the entire region and sold the second-highest number of properties. It was also the top seller in Durham neighborhoods such as Pickering, Oshawa, and Clarington (under the wider RE/MAX brand). 

York Region

Unsurprisingly, RE/MAX also listed and sold more properties in the York region than any other brand, including Homelife and Century 21. The brokerage listed 3,056 units and sold 2,466 units. This success was evident across many areas in the York region, including Markham, Whitchurch-Stouffville, and Vaughan. 

Selling Real Estate in Ontario 

Overall, RE/MAX Hallmark completed more than 20,700 transactions in Ontario throughout 2023. That's over 56 transactions every day or around 2.3 transactions an hour. 

None of this would be possible without the brokerage's hardworking agents, who outperformed the industry by a ratio of 3 to 1. These talented experts know Ontario real estate like the back of their hands, providing support and guidance to buyers, sellers, and investors across the state. 

RE/MAX Hallmark has been one of Ontario's leading real estate brokerages for more than 40 years and attracts the industry's leading realtors and real estate agents. It also supports local causes such as Children's Miracle Network Hospitals. 

The company says:

"The RE/MAX Hallmark brand is pervasive, reminding buyers and sellers that we stand for being different. What we achieve speaks loud about what we do best. It all empowers us to be thought of and chosen more often. So we can get more done. A lot more"

Why Work With a RE/MAX Hallmark Agent?

There are hundreds of realtors and real estate agents in Toronto, so what makes RE/MAX Hallmark agents special? These professionals have exceptional local expertise, helping you find the right property in your dream neighborhood. Every year, RE/MAX Hallmark agents help hundreds of thousands of people buy or sell a home. 

A RE/MAX Hallmark agent also keeps your real estate transaction moving. That can reduce the time it takes to buy or sell a home, resulting in less stress. These experts are able to solve problems quickly, meaning you'll have a much better real estate experience. 

Finally, agents who are part of the RE/MAX Hallmark brand have deep knowledge of the real estate industry. Whether you're looking for a quick sale or trying to find the perfect property, these professionals can help. They can also connect you with the right legal professionals and even suggest the best financing products for your circumstances. 

RE/MAX Hallmark's Remarkable Year

2023 was another fantastic year for RE/MAX Hallmark and its incredible agents. The brokerage sold or listed more properties than other companies in several markets across Ontario, including Toronto. In total, it completed over 20,700 transactions in the state. Working with a RE/MAX Hallmark agent can improve your real estate experience and help you complete your transaction as quickly as possible. 

Yin-Lynn Low, an experienced realtor in Toronto, embodies the values and principles of the RE/MAX Hallmark brand. Her team can help you buy or sell your home in this city, no matter the economic climate. Get in touch now for a consultation.

Global real estate will be a $6.13 trillion market by 2030 — that's nearly twice as much as the GDP of India! According to Research and Markets, this industry will grow at a CAGR of 5.2% from 2022 to the end of the decade, providing lucrative new opportunities for property owners around the world. But what's driving the global real estate market? And how do these developments impact Toronto locals? Learn more below.

Population Growth

One of the biggest factors pushing the global real estate market is a huge increase in the world's population, which now stands at just over 8 billion. With more people on the planet than ever before, demand for residential, commercial, and industrial property has skyrocketed. That has resulted in a trillion-dollar market that shows no signs of slowing down.

As populations in many cities increase, so does the price of property. If you're wondering why it's more expensive to buy a home now than a few years ago, population growth could be part of it. Take Toronto, for example. The number of people living in this city increased by 0.93% from 2023 to 2024 — that's about 64,000 extra residents. With low housing stock, demand for homes is at an all-time high, sending property prices into the stratosphere.

Economics

Economic conditions are also fueling the global real estate market. When a country has a strong economy, demand for real estate increases. It's that simple. That might not be the case right now in Canada, which recently experienced rampant inflation and a cost of living crisis. However, many nations have prospered in the last few years, inflating the global real estate market.

Of course, economies fluctuate, and Canada's will recover soon — especially if inflation continues to decline. When that happens, interest rates will tumble, driving demand for properties in Toronto. That means more homes on the market and more first-time buyers climbing the property ladder, thanks to mortgage rates with favorable terms. When major economies rebound, the global real estate market will get even stronger.

Sustainable Development

Sustainability is a massive priority for property builders at the moment, leading to a "green" housing boom in many markets. Governments in different countries might offer tax rebates and other incentives for eco-friendly building practices and energy-efficient designs, further driving the global real estate market.

The shift toward sustainable development is one of necessity. Like any major city, Toronto's buildings generate a significant number of greenhouse emissions, which is harming the environment. However, the city continues to implement policies that address climate change. Toronto aims to have net zero emissions by the year 2050, according to the Carbon Neutral Cities Alliance.

Technology

Another major force in the global real estate market is technology. Over the last few years, realtors have integrated tools that make it easier for them to buy and sell houses. One of these technologies is virtual reality, which allows people to take tours of potential homes remotely. This innovation was particularly popular during the COVID-19 pandemic when people couldn't attend open house events because of Toronto's "stay at home" laws.

Big data is another technology that's streamlining real estate. Realtors can use it to learn more about potential buyers and sellers and find unique property opportunities. The latest analytical tools reveal valuable insights about the Toronto real estate market. Artificial intelligence also makes life easier for realtors. This innovation can help experts write property listings, for example.

Experts predict the real estate IT market to be worth $17.22 billion in 2029.

Remote Work

In May 2021, over a year after the start of the pandemic, 5 million Canadians were working from home. While some have returned to the office, many still perform their jobs remotely and have no plans to change these arrangements.

Remote work has become a global phenomenon in the past few years, contributing to the success of the global real estate market. Growing demand for homes with large offices has invigorated the residential real estate market in many locations, including Toronto. Meanwhile, the commercial market experienced an uplift because of the need for accessible co-working spaces.

It's unclear what work models will look like a few years from now. However, many employers will continue to allow team members to work from home, at least for part of their schedules.

How a Toronto Real Estate Expert Can Help You Navigate These Trends

The global real estate market is booming! That's because of population growth, economic conditions, remote work trends, and other factors. While the local Toronto market might still be struggling, there are plenty of profitable opportunities for both buyers and sellers in this city.

Working with a reputable, experienced Toronto realtor lets you get the best out of Toronto's property market. Yin-Lynn Realtor Group can help you buy or sell a home in this incredible city without the stress that normally comes with real estate transactions. Contact us now for a consultation.

Spring is the ideal time to start the home-buying process, and Toronto is poised to provide an exceptional opportunity for many of today’s buyers. The housing market in much of the area has had a fairly frigid winter season, filled with flat year-over-year price increases in most neighborhoods. But a new promise is on the horizon.

There’s much to look forward to, including a substantially larger inventory of homes for sale with competitively low interest rates. With prices holding steady, home buyers have the opportunity to squeak in a good deal before those values increase in the coming months. If the Bank of Canada moves benchmark interest rates lower, as some anticipate, that’s an even better reason to make your move into this market now.

Let a Real Estate Agent Guide You

The Toronto real estate market is still likely to remain highly competitive. As a result, it’s wise to work closely with a local real estate agent who can help you find your ideal home and navigate the investment opportunities out there.

Some areas of the market have seen a rush of buying in the last two years thanks to investors buying up property for rentals or flips. Now, those investors are poised to sell, which means opportunities for home buyers. Still, if you’re buying into this market, you certainly don’t want to overspend (or miss out on a fantastic opportunity because you didn’t make a large enough offer).

With the help of a real estate agent, home buyers can make confident, market-specific decisions even in a more challenging environment.

Strategies for Buying in a Competitive Market

So, how does one thrive in Toronto's competitive market? Here are some invaluable tips from our team:

Create a financial plan first

Your first step is to create a solid financial plan for buying your next property. You must be ready with pre-approval for a mortgage lined up as early as possible. For many home buyers, that will give you a competitive edge when bidding on a prized home. Home sellers are more likely to prioritize buyers with ready-to-go lending as well. Use our mortgage calculator to help you get started.

Have a discussion with your agent

Collaborate closely with your real estate agent to outline your requirements and preferences for your next home. Their insights into current market rates, coupled with access to hidden gems not listed on the Multiple Listing Service, can prove invaluable in your search.

Be ready to decide

Consider your timelines and the implications of purchasing now. Are you prepared to seal the deal and relocate within 30 to 60 days, or do your circumstances necessitate a different timeframe? Clarity on this front will streamline your decision-making process.

Talk to your agent about the use of a bully offer

In a fiercely competitive market, consider the possibility of making a preemptive offer, known as a bully offer, before the property's official offer date. This tactic could potentially eliminate competing bids and enhance your chances of securing the property.

Be ready and willing to negotiate

The real estate market is competitive for buyers, but it’s very much an individual process. That is, every potential sale needs a skilled negotiator available to help guide the process. Don’t offend with super low offers, but also work with your agent to ensure you offer a price that’s still competitive for the market.

Always be ready to negotiate when it comes to conditions and inspections. Though many of the homes in this area are well-maintained, there are some overpriced properties. Having an inspection and home assessment clause in your contract can alleviate a lot of the frustration here.

Put the Team at Yin-Lynn Realtor Group to Work for You

Take the time to explore what the Toronto real estate market can offer you by contacting our team at Yin-Lynn Realtor Group. We help people looking for exceptional properties find opportunities at the right price and at the right time. Contact us now for a consultation.

Resources:

https://www.theglobeandmail.com/real-estate/toronto/article-hoping-for-early-spring-in-a-chilly-housing-market/