MARKET STATISTICS | SEPTEMBER 2023
Friday Oct 27th, 2023
With the fall market upon us, we anticipate a resurgence of activity following the summer slowdown. However, the coming months will present both opportunities and challenges for buyers and sellers alike. Toronto home prices rose in September, but sluggish sales and a surge of new listings could be tilting the market back in favour of buyers. If you find yourself in the fortunate position of qualifying for the home you desire, I advise you to be selective.
Until recently, we didn’t have enough inventory overall, but September brought a greater supply of homes, so there are quiet a few to chose from. New listings are up strongly on a year-over-year basis from the extremely low levels in September 2022. So, don't hesitate to exercise patience and selectivity in your home search as buyers may benefit from more negotiating power, at least for time being. I am a phone call away if you seek expert advice.
The recent trend of slowing sales and rising new listings continued in September. This presents an opportunity for buyers, although many of them seem to stick to the sidelines until there is more evidence that interest rates are indeed finally at the top. This, combined with sellers who do not need to sell, means the market will likely remain on the slower side until next year.
All eyes now on the Bank of Canada. If interest rates remain the same on December 6th, it will be the third “hold” time, which might boost buyers’ confidence and create a busy market once snow starts to melt. If you are currently in the search of a home, please consider buying now with a 1-year term mortgage. This will help locking in at a lower rate down the line, and lower rates most definitely will arrive in time for mortgage renewals.
In my opinion while high interest rates affecting the market nowadays, as many buyers lost interest in real estate, the future population growth will soon spur demand.
Average Prices of Detached Homes in September in Comparison to September of 2022:
- Toronto: +7.72% at $1,75M
- Vaughan: +16.08% at $1,76M
- Richmond Hill: -1.44% at $1,88M
- Mississauga: +2.35% at $1,45M
- Markham: +5.77% at $1,76M
- King City: +10.55% at $2,47M
- Newmarket: -6.48% at $1,21M
- Aurora: +7.44% at $1,63M
- Bradford: -5.38% at $1,06M
- Milton: -5.65% at $1,32M
- Stoufville: +33.40% at $1,70M
- Innisfil: +4.22% at $936,000
- Alliston: +8.20% at $933,000
- Burlington: -0.33% at $1,36M
- East Gwillimbury: -6.43% at $1,33M
- Barrie: +3.95% at $848,000