September's numbers are in and continued inventory shortages are evident despite higher interest rates.
As outlined in this month's infographics below, the average sale price has shown signs of leveling off in most of western GTA. Milton stands out showing a +5.8 percent increase compared to August 2022.
“We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,” said TRREB President Kevin Crigger.
What does the future hold for real estate? No-one has a crystal ball but, the factors that will affect market conditions moving forward: Rising Interest Rates - The Bank of Canada's overnight rate is currently set at 3.25% and the next interest rate announcement is scheduled for October 26th. The Job Market - Canada's Unemployment Rate fell 0.2 percentage points down to 5.2% as fewer people searched for work. Immigration Policies (Demand) - Canada's Immigration Plan has a target of over 450,000 new permanent residents a year by 2024.
Considering all of these factors along with current market conditions (Low inventory & buyers adjusting to increased interest rates), prices are likely to rise.
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