Shifting Trends and Steady Prices - What Happened in October 🏡
Understanding today’s market is no easy feat. Even market experts can’t fully predict where we are headed. Feeling uneasy and not quite sure what your next step should be right now? We get it, and are here to help!
What Is Actually Happening?🤔
It’s no secret that pretty much all buyers, especially first-timers, are feeling the pinch of high interest rates, leading to a significant shift from homeownership to renting, putting pressure and demand on the rental market.
Even though there has been a drop in the overall number of sales since last year, the number of new homes (and condos!) for sale has risen compared to the same time a year ago. There’s also been a minor (relatively speaking) increase in prices.
Bottom line, rigid qualification requirements continue to discourage buyers from entering the market, moving up the property ladder or even seeking better rates.
Despite it all, average sale prices have stayed somewhat consistent, and good news! An increase in new listings is providing more choices for motivated and qualified buyers.
Let’s Look Closer At The Numbers 🔢
Sales are up 0.09% since September
But down 5.80% since last year
New Listings are up 38% since last year
But down 12.93% since September
Prices are up 3.50% year over year
But down 0.58% since last month
Average sale price is: $1,125,928
Average days on market = 21 Days
What You Need To Know Right Now 🔎
No matter where you are at in your real estate journey, there is opportunity for you!
Buyers, this is a hopeful time and here’s why: homes are not dramatically over priced and when putting in offers, you’ll likely not face a bidding war anytime soon (although we say that lightly because we are still seeing a few.) Some sources predict that home prices will continue to slowly decline, creating potential opportunities for buyers who have been priced out of the market in recent years (source: Forbes).
Investors, In light of the current market conditions, this is your opportunity to get into the market as the need for rental homes is increasing by the day!
Sellers, you have to price strategically. A solid sales and marketing plan is an absolute must to navigate today’s unprecedented market conditions.
Looking ahead, while affordability and uncertainty continue to impact the market, the demand for housing remains strong due to the GTA’s population growth and resilient economy. Phew!
Remember, we're here to provide you with insights and guidance to help you navigate your real estate journey. Feel free to reach out to us if you have any questions or would like to discuss your options further. 💪🏼🏠