A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Mobile:
416-908-5600
Office:
905-270-2000
Email Me
A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Mobile:
416-908-5600
Office:
905-270-2000
Email Me

Tighter Market Conditions in January 2024: What Does it Mean for Homebuyers

In a January 2024 report released by the Toronto Regional Real Estate Board (TRREB), it has been highlighted that the housing market in January 2024 showcased tighter conditions compared to the same period in the previous year. With an increase in home sales and new listings, coupled with the expectation of lower borrowing costs in the near future, the real estate landscape is poised for potential renewed price growth as we transition into the spring market.

According to TRREB President Jennifer Pearce, the positive start to 2024 can be attributed to homebuyers benefiting from lower borrowing costs associated with fixed-rate mortgage products. This, combined with an increase in new listings, albeit at a lesser annual rate compared to sales, has led to tighter market conditions. Pearce emphasized that the Bank of Canada's expectation of receding inflation throughout the year could support lower interest rates, ultimately bolstering confidence among homebuyers to re-enter the market.

The data from TRREB's MLS® System for January 2024 reveals a significant increase in home sales compared to the same period in 2023, with over one-third more sales reported. Similarly, new listings saw an uptick, albeit at a lower annual rate of approximately six percent. This disparity between sales and listings indicates tighter market conditions for buyers compared to the previous year.

TRREB Chief Market Analyst Jason Mercer predicts that once the Bank of Canada begins cutting its policy rate, likely in the second half of 2024, home sales will further accelerate. With heightened competition among buyers and constrained supply of listings, upward pressure on selling prices is expected over the next two years.

However, despite the positive outlook, TRREB CEO John DiMichele highlights the need for addressing policy issues at various levels of government. He calls for reflection on the application of the Office of the Superintendent of Financial Institution (OSFI) mortgage stress test, particularly concerning its impact at different points in the interest rate cycle. Additionally, he emphasizes the importance of addressing housing supply issues at the provincial and municipal levels, including building new homes and providing support for first-time homebuyers.

In conclusion, as TRREB prepares to release its 2024 Market Outlook and Year in Review report, it's evident that the GTA real estate market is undergoing significant shifts. While tighter market conditions and potential rate cuts by the Bank of Canada may present opportunities for homebuyers, addressing policy challenges remains crucial to ensuring a sustainable and inclusive housing market for all.

Effect of Possible Rate Cut by BOC Soon:

The anticipated rate cut by the Bank of Canada in the second half of 2024 is expected to further stimulate the housing market. Lower interest rates would make mortgages more affordable for prospective buyers, thereby potentially increasing demand and putting upward pressure on housing prices. As competition among buyers intensifies and supply remains constrained, the impact of a rate cut could contribute to accelerated price growth in the coming years. However, it's essential for policymakers to monitor these developments closely and implement measures to ensure a balanced and sustainable housing market.

If you have any questions or would like to discuss your individual needs and goals, feel free to reach out to me at 416-908-5600. I'm here to help you find the perfect tailor-made solution.

If you enjoyed this review, I'd be truly grateful if you could leave a gracious Google Review for my real estate services:  https://rem.ax/3PUNSOS

Thank you for your continued support!

 

A. Q. Mufti

Have Questions?

I agree to receive marketing and customer service calls and text messages from RE/MAX Real Estate Centre Inc., Brokerage*. Consent is not a condition of purchase. Msg/data rates may apply. Msg frequency varies. Reply STOP to unsubscribe. Privacy Policy & Terms of Service.

INTEGRITY, WORK ETHICS, DEPENDABILITY

A glance at my achievements and passion;

  • Realtor
  • Former Member of Toronto Real Estate Board (TREB) Committee
  • Certified Project Management Professional (PMP)
  • Master Degree in Geography
  • Past Project Manager
  • Past IT consultant
  • Queen's Diamond Jubilee Medal
  • Gold Medal of Excellence for Human Rights
  • Community award for dedicated community services
  • Member of Mississauga mayor’s Diversity Advisory Committee
  • Chair - Family Day Walkathon, raising $250K for a local hospital
  • Member of Halton District School Board's Education Committee
  • Member of Halton Region Police MFST
  • Former Member of Peel Region Public School Council
  • Former Scouts Canada leader
  • Former Team Captain of Cancer Society’s Relay for Life
  • Former Board member of an international relief organization
  • Column writer
  • TV Panelist on current affairs

RE/MAX has more than 100,000 agents in more than 95 countries agents and sells more real estate than any other Canadian brand.


At RE/MAX Real Estate Centre Inc., I’m here to provide you, your family, and friends with exceptional services for your real estate needs including Residential, Commercial, and Agri/Farm Business.


RE/MAX Real Estate Centre Inc. operates out of 17 locations with approximately 920+ trained real estate professionals. 10,852 properties were sold and 105,144 appointments were scheduled in 2017 alone!

With my background in IT and Project Management and, over the several years, contributing to many charitable/not for profit organizations as a board member, I bring professionalism, ethics, sincerity, and I strive for excellence.

If you are looking for a new place to live or do business and want to sell and/or buy your next home and/or business, I would be delighted to help you achieve your goals.
I am not looking for short term gains, rather long term relationships, with the sole focus of finding solutions that best meet your needs.
I truly believe you are my best promoter when you tell others that you have received:

  •  My dedicated attention
  •  Best promotion
  •  Strong negotiation skills
  •  Taking care of critical facts
  •  Eye on items normally ignored
  •  Awareness of Market Trends
  •  Open discussion of the pros and cons

I am available during weekdays and weekends and would meet or pick up the phone personally or return your call at a time convenient for you.

You may reach me directly by calling 416-908-5600 or send me an email at your convenience at info@aqmufti.com.

I look forward to hearing from you soon.


Wishing you and your family all the fun and enjoyment.



Designation: Realtor, MSc, PMP, ABR, SRS, CNE

Education: MSc

Specialty: Buy, Sell, and Rent Residential, Commercial, and Agricultural Properties

Awards: Certified Project Management Professional(PMP), Master Degree in Geography, Past IT consultant, Project Manager, Queen's Diamond Jubilee Medal Gold Medal of Excellence for Human Rights, Community award for dedicated community services Award, Member of TREB Members Communications Committee, Member of Mississauga mayor’s Diversity Advisory Committee, Former Scouts Canada leader, Former Team Captain of Cancer Society’s Relay for Life, Member of Halton Region Equity and Inclusive Education Committee

Area Covered: GTA and beyond including Waterloo, London, Oxford, Woodstock, Niagara, Thorold

Languages Spoken: Arabic, English, Hindi, Punjabi, Urdu



Enter PIN Code

A PIN code was sent to . Please check your email and enter the 6-digit PIN code in the field below.

Resend PIN code