August 2023
August was an interesting month for residential real estate as we patiently awaited the Bank of Canada's interest rate announcement early this September.
The good news is that they held the bank rate at 5%. With certainty comes confidence in our marketplace
There were fewer home sales in August compared to last August, down 5.2%. New listings were up by 16.2 per cent year-over-over, providing some relief on the supply side but year-to-date listings are still down compared to the same period last year.
The average selling price remained around last August's level up 0.3%. Looking forward, as the certainty in our lending rates takes hold, there will be solid demand for housing, both for ownership and rental.
Further, continued record immigration will also support strong interest in housing.
Certainty will bring optimism to our market and the interest in real estate will grow in the coming months.
The Great Toronto Area and The Golden Horseshoe are in desperate need for housing. Developers are working hard to get their projects to market in order to support the demand for ownership and rental.
For years now developers have supplied the rental product needed to put roofs over people's heads.
There will be many new opportunities to invest in real estate this fall with new projects of all types, condos, townhomes or detached, being released weekly
Opportunities are always best presented in an adjusting market. Whether considering buying, investing or selling, I am always available to discuss your options
Know that I am only a call, email or text away to assist with any of your real estate needs.