Hello Friends –

Fall is finally upon us but the sunny warm weather seems to be hanging on, for the time being. There have been many headlines in the news lately with a focus on the residential real estate market. The impact of high borrowing costs, inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth has weighed on the Greater Toronto Area (GTA) home sales this past September. However, despite the market being better-supplied with homes for sale, the average selling price was up 3% year-over-year.

The Toronto Regional Real Estate Board reported 4,642 home sales through TRREB’s MLS® System in September 2023, down 7.1% compared to September 2022. It was reported that the year-over-year dip in sales was more pronounced for lowrise homes, particularly semi-detached houses and townhouses.

The number of listings/homes available for sale were up 40% on a year-over-year basis from the extremely low level in September 2022.

TRREB’s Chief Market Analyst Jason Mercer has reported that GTA home selling prices remain above the low experienced early in the first quarter of 2023. However, there was a more balanced market in the summer and early fall, with listings increasing noticeably relative to sales. With a greater number of homes for sale it is natural for prices to soften, in the short term, which would help offset the impact of higher borrowing costs.

On a final note, there have already been a number of new home projects launched this fall across the GTA, from lowrise detached, semi and townhomes to highrise condominiums. There is some fantastic choice out there along with once in a lifetime promotions, as developers compete to sell their product.

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To better understand the opportunities that are presenting themselves, please never hesitate to reach out to me.