February numbers, as outlined in the infographics below, show seasonal rise in prices in most of west GTA due to high demand, low inventory and increased consumer confidence.
I've received several inquiries recently from Buyers asking "IS NOW THE TIME?". From street level, buyers are back to competing for single detached low rise. We're not seeing the 10/20/30 offer scenarios like we did at this time last year but now witnessing multiple offers on renovated/updated/building lot properties are coming to be a regular occurrence. Buyers are adjusting rapidly to the increased borrowing costs and financial institutions are supporting the adjustment.
“New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,” said TRREB Chief Market Analyst Jason Mercer.
Variable-rate mortgage holders have a bit of respite as the Bank of Canada left its overnight-rate unchanged at their announcement on March 8th; holding currently at 4.5%. The next announcement is scheduled for April 12, 2023.
Is now the best time to sell? Should we buy first before selling our home? What is our home worth? I'm available to answer these and any other questions you may have. Reach out today 416-948-2883, call/text.
View Full Market Report - https://homesite.ca/march-insights-2023.html