I don't know about you, but I find myself trying to get outside and enjoy every last drop of nice weather while it's still here and I hope you are too!
I read a report by Zoocasa that predicted that this fall could be the best real estate market we have seen in years, I tend to think they are right, and along with the fall market, spring of 2025 looks to be shaping up to be a super hot market as well.
Why do I think that? Is it because of the recent drops by the Bank of Canada and the inevitability of another in the next few weeks. Yes, but not for the reasons most people think.
When the Bank of Canada reduces the overnight right, it doesn't have a huge impact on the majority of home owners today, who it does impact is the homeowners that have a variable rate mortgage, for those with a fixed rate mortgage, it won't impact you until it comes time to renew.
What is does impact is buyer confidence and that is where I am seeing the biggest shift now. I speak to hundreds of buyers and sellers every month, and what I have noticed is that I am hearing less of "I'm going to wait for the market to get better". That was a common theme over the beginning of the year, and now I might hear it two or three times a month.
Below are the market stats for the GTA according to the Toronto Real Estate Board
September Market Highlights:
- Home Sales Are Up: We saw 4,996 home sales in the GTA last month—an 8.5% increase from September 2023! It seems like buyers are jumping on the chance to take advantage of more affordable prices and lower interest rates. In other words, buyer confidence.
- More Listings: New listings are on the rise too, with 18,089 new entries this September, which is a 10.5% jump from last year. More options for buyers means a more balanced real estate market.
- Price Adjustments: The average selling price was $1,107,291, just a slight dip of 1% from last year. These moderate price changes are making it easier for first-time buyers to find their perfect home, especially in the condo and townhouse markets. If you have a pre-approval now, consider getting it updated with current rates, and if you are considering it, be sure it has a provision for the rate to be adjusted down, should rates come down before you close. If you are in the market for a pre approval reach out and I'll put you in touch with our wonderful mortgage broker, Monica Falco at M2 Mortgages ( Capital Home Lending) and she'll make sure you are well taken care of.
- Bright Future Ahead: With new mortgage lending guidelines and lower borrowing costs, more homeowners and first time buyers are feeling confident about the housing market.
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If you would like to read the full Zoocasa report I referenced above Click Here