GTA Residential Real Estate Market Update

The residential real estate market in the GTA has begun a slight shift.  In the month of March, fewer homes were traded due to rising interest rates and a recent increase to the foreign buyer tax.  These types of changes can have a profound effect on our market as some buyers may take a step back to see how these changes affect the overall value of homes.  For example, “will prices soften?”
Inventory Re-Cap
We still need more homes to sell, however, we did see inventory rise to 0.93 months worth of inventory from the low of 0.77 in February . This means that there are more choices for buyers out there.   In turn, this will also help to level off some of the frenzied buying of months past. It is still very much a sellers market – so don’t expect any crazy deals.  But rather, you can expect a little less competition when searching for a home.
Buyers and Sellers
If you’re a seller, don’t worry, you are still getting a great number for your home that is far above normal appreciation.  And buyers, if you are watching the trends and hoping to wait until they drop a bit more, remember that we are expecting another interest rate hike that will make your purchase price go down. Best idea? Get your rates locked in now and start looking.
The average price of all home types in the GTA is now almost $1.3 million –  $1,299,894 to be exact. The average cost of a condo in the GTA is now $808,566.  Check out the slides to see how your neighbourhood is fairing. As always, if you don’t see your neighbourhood here and want some info, feel free to reach out!
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