February 2023
I hope winter is treating you as well as can be expected. It’s crazy to think that we’re only a few weeks away from the end of the first quarter of the year!
It has been almost a year since the Bank of Canada started raising interest rates.
Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs.
Many homebuyers have also decided to purchase a lower priced home to help offset higher borrowing costs.
Months of inventory levels dropped slightly and are now hovering around two months.
This inventory represents all home types, should the Toronto Regional Real Estate Board not sign-up another listing, the GTA would be sold out of residential real estate in just two months.
There has been an increased demand for real estate that is beginning to run up against a constrained supply of listings which is leading to increased competition amongst buyers.
We feel this will eventually lead to renewed price growth in many areas of the market.
The residential new construction market has also begun to pick-up with the Bank of Canada making their intentions clear to hold interest rates at their current levels, more buyers and investors are engaging in this area of the market.
With limited inventory of available resale homes, first time buyers, up-sizers and down-sizers have taken a keen interest in new construction opportunities.
If you are looking to learn more about the buying and investing opportunities new construction presents, please do not hesitate to contact me.
Know that I am only a call, email or text away to assist with any of your real estate needs.