The trend that started in August has continued through October and it’s best highlighted by the first graph in our stats. You can see the average price for a detached home has remained flat in the GTA for the last three months. Now everyone is most interested in their own area and housing type, so I encourage you to use the arrows at the bottom to bring up your specific city, however, each area seems to have a very similar story.
One of the things that have become really apparent is that we have a balanced market at this point. Yes, there are fewer buyers in the market with higher interest rates, however, we also have much fewer sellers. We’ve even seen the average days on market come down in the month of October for many housing types and areas for the first time in months.
Our last interest rate announcement was a lower increase than expected and the Bank of Canada stated that we aren’t done yet, however, we are getting close. This is good news, as this balanced market could continue with rate holds on the horizon.
One of the great things about a balanced market is that people have time to make a decision. It’s common now to have conditions for financial approval, home inspection, and even the sale of your current home included in offers. This allows for informed decisions on home purchases and helps ensure that you can find the right home for your family.
Remember, balanced markets are the best markets to buy and sell in because you are not overly pressured on either side of the transaction and you have time to make great decisions.
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