January's numbers are in and as you can see in February's Insights infographics, although Toronto has shown a balanced market at 4.2 months of inventory, the rest of GTA West continues to lean towards a Sellers' market with the average inventory average at below 2.9 months (Mississauga 2.9 mo, Oakville 2.9 mo, Milton 2.2 mo, Burlington 2.5 mo & Hamilton 2.7 mo).
Generally, the greater the months of inventoryor supply, the more sellers there are than buyers – also known as a "Buyer's market". On the other hand, the lower the months of supply is, the more buyers there are than sellers and market conditions would more so be in sellers’ territory. Here's how to calculate the months of inventory: Months of Inventory = Total Units on Market in Month X / Total Units Sold in Month X.
As Consumer's adjust to interest rates, there are signs of confidence while Canada's Unemployment Rate has decreased 0.1 percent to 5.0 % in December and holding steady as we continue to see an influx of demand driven by immigration.
Interest rate increases by the Bank of Canada are expected to ease after the last 25 basis point increase to 4.5% on January 25th. Next interest rate announcement is set for March 8th. Financial institutions are reducing the 5-year fixed mortgage rate which is directly tied to the Bond market.
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View Full Market Report - https://homesite.ca/february-insights-2023.html