Hey, there fellow GTA-ers! Are you ready for your monthly dose of real estate market updates with a twist?
First things first – the average selling price of homes in the GTA has remained fairly stable at around $1.1 million, despite the ongoing trend of higher borrowing costs. But let’s be real, price isn’t everything (well, maybe it is for some of us). The bigger question is: are people actually buying homes in the GTA?
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The answer is… it’s complicated. While the number of home sales has decreased on both an annual and monthly basis, new listings are also down year-over-year and month-over-month. This means that the supply of homes on the market is low, which could be why we’ve seen a flattening of the downward trend in home prices that we saw in the spring.
But wait, there’s more! The lack of new listings is particularly pronounced for mid-density and high-density home types, which might explain why prices have held up better for these types of homes compared to detached houses. So if you’re in the market for a townhouse or apartment, now might be a good time to act (just don’t blame us if you end up in a bidding war).
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So what does the future hold for the GTA housing market?
According to TRREB President Kevin Crigger, there’s still a lot of uncertainty in the short term, but in the medium to long term, the demand for housing is expected to bounce back. The recently introduced More Homes Built Faster Act aims to increase the number of homes being built to meet the needs of new households, which could help alleviate some of the current supply issues.
But what about borrowing costs and affordability?
TRREB Chief Market Analyst Jason Mercer points out that the Bank of Canada has indicated that it is nearing the end of its tightening cycle, which could lead to lower fixed mortgage rates in the future. This could make buying a home in the GTA a bit more feasible for some potential buyers.
So there you have it – the GTA housing market is seeing stable home prices and potential improvements in affordability, but also a decrease in home sales and new listings. As always, it’s important to do your own research and make informed decisions based on your financial situation and goals. Happy house hunting (or just window shopping, we won’t judge)
Want to navigate the Toronto market like a pro? Let’s talk it out! Dial me up at 647-973-8392, and let’s have a playful chat that’ll leave you feeling confident!
