It’s clear now that higher borrowing costs continue to impact home sales, as we’ve seen with the June stats. Total sales numbers were down 41%, compared to last year with 6,474 transactions in the GTA, BUT keep in mind that sale prices are still strong. 

Although transaction numbers are lower than last year, we’re seeing a softer landing on housing prices rather than a massive price correction. The factors affecting the market are both real and perceived. There are affordability challenges with mortgage rate hikes. Still, there is also the psychological effect in which willing buyers have put their decision on hold and watch the market. Buyers are waiting to see how low the prices can go. 

prices in the GTA are still holding strong.

The average selling price for all housing types remained at 5.3% above June 2021. While we are down month-over-month, looking at monthly trends can be tricky if you’re waiting for rock bottom prices. My advice is; Rather than looking for that bargain when buying, look for the house you love where you see yourself enjoying life. We’re in a more balanced market in which Buyers have a little more choice and time. There is plenty of time for your home’s value to appreciate, especially if you plan to stay put for 5-7 years. 

If you’re ready to list your home for sale, keep in mind there are about 2.5 months of housing inventory on the market. This means about 50% of all homes listed were sold in June. Sellers need to be at the top of the pack with pricing strategy, staging and promotion to sell your home quickly and for the highest price possible. I can’t stress enough how important it is to price a home strategically for this market. The last thing you want when selling is for your listing to linger on the market and go stale. 

Thinking of buying real estate?