3rd Consecutive Month of Decline
The average home prices in the GTA experienced a decline for the third consecutive month in August 2023. Higher borrowing costs and economic uncertainty were cited as factors contributing to this decline. Prices continued to decline across all segments, the average price dropped 3.2% month over month.
Entering a Balance Market
Home sales were relatively stable month-over-month with minimal changes observed, with months of inventory (MOI) staying at 2.9 MOI.
This indicates a relatively balanced market in terms of sales activity. Despite the decrease in prices and steady sales, changing buyer preferences have emerged due to interest rate hikes in June and July.
As budgets become more restricted, some buyers are opting for smaller homes. However, it’s worth noting that Mississauga experienced an 8.6% uptick in sales with the average price remaining the same.
Market Outlook – Fall Market
With the Bank of Canada holding rates at 5% in September, some buyers might be tempted to (re)enter the market. The next announcement is end of October. We’ll see how the fall market responds in September.
Typically the fall market is the second uptick in activity in the year. The spring is typically the busiest time of the year and slows down during the summer and the market picks up again in the fall before cooling down for Christmas holidays.
We can expect more listings to come up in the fall as sellers and buyers re-enter the market as kids go back to school and people want to move before the holidays.
The real estate landscape can shift quickly, and having access to the latest information is essential for making informed decisions in this dynamic market.
If you’re considering a move, having a realtor who can navigate these changing times is crucial to helping you save money and make informed decisions. Reach out to me for a personalized approach to your real estate needs.
Email or call us to get insights on your neighbourhood stats or an up-to-date appraisal of your home.
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📧 Email: steven@mistersauga.ca
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