Housing inventory has been low in the Toronto area for decades, and Old Toronto's booming real estate market continues to break records into 2024. If you're a homeowner trying to sell your house in the coming year, or if you're hoping to buy a home in the coming year, it's important to know what to expect from the 2024 real estate market in Toronto. By investing in your home, and making updates that home buyers will love, you can get the most for your investment.
Predictions for Toronto Real Estate in 2024
According to the market outlook from the Toronto Regional Real Estate Board, the overall average selling price for homes in the Toronto area is expected to climb 1.3% in 2024. This may be tampered with by inflation, which will complicate the market and may lead to a fall in prices in some areas. Meanwhile, higher mortgage rates will make it difficult for some buyers to purchase a home.
Home sales through the Multiple Listing Service System may reach 110,000, a strong number although somewhat down from the number of sales in 2023. The average selling price for homes for the year is expected to be $1,225,000.
Rosedale-Moore Park Housing Data
Rosedale-Moore Park housing data indicates that there is an average house price of nearly $1,600,000, with 19 total transactions for January 2022.
Selling This Year? What You Can Do to Increase Property Value
If you're planning to put your house on the market in 2024, there are many things you can do to help your house sell for more money and sell faster. By making your house more attractive to buyers, you can turn your home into a hot item on the real estate market.
Stage
Staging is the process of making your home look appealing to all audiences through smart furniture arrangement and decor choices. Staging can be done professionally or on your own, although professional staging pays off in high-end homes.
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Declutter - Eliminate clutter from surfaces like your countertops and tabletops. Clean out clutter from closets and storage areas, to show buyers how much storage your home has.
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Add cozy touches - Decorate with throw blankets and pillows, and candles to make your home look comfortable.
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Put away the collections and family pictures - The key to successful staging is making your home look generally beautiful, without adding the personal touches that make it your home.
Renovate
Updating your home before you sell can increase its value and also improve your quality of life while you're still living there. If you're living in a home in Old Toronto, there may be many ways that you can make your home more competitive and valuable. Old houses can have many problems that make them unattractive to home buyers, so this is your opportunity to make your old home like new.
Bathroom Renovation
A dated bathroom can drag down the value of your home. Meanwhile, old pipes, old fixtures, and old tiles can create maintenance problems that homebuyers don't want. Updating your bathroom with new plumbing, fixtures, and flooring can make your home more appealing. Heated floor installation adds a sense of luxury to your bathroom.
Kitchen Renovation
Kitchens are truly the heart of the home. Many buyers dream of purchasing a home that has a newly remodeled kitchen space with extra room for entertaining guests, new plumbing fixtures like a new sink and faucet, and extra amenities like a kitchen island with a task sink. Work with a reputable contractor to create a dream kitchen and boost your home's value by thousands.
Whole-Home Renovation
Older homes in Toronto often need so many updates that the most cost-effective way to update your home is to start a whole home renovation using an experienced builder. Update your home's flooring, wall paint, light fixtures, and rooms like the kitchen and bathroom. Whole-home remodels take help from an architect and an experienced contractor, so get started today.
Rebuild
Some older homes are in poor condition and need to start fresh. Rebuilding a home in a contemporary style and with modern amenities can improve your quality of life while you're living on the property. When the time comes to sell, your house will have all the qualities modern home buyers look for, including:
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Eco-friendly materials - The use of sustainable and energy-efficient materials is a must-have in modern construction. Work with your builder to install solar panels, use locally sourced building materials, and more.
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Open layout - The open layout design is popular and a common trend among homeowners because it's good for entertaining and great for spending time with family.
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Age-in-place features - Wider hallways, curbless showers, first-floor primary suites, and other features make it easier to live at home even when you're older.
Get Started With Your Home Renovation
Improve the value of your home with a whole home renovation or a custom rebuild from SevernWoods Fine Homes. Contact us to get started with an initial consultation.
