The market update includes a breakdown of recent sales in Sonoma Heights, emphasizing various property types and their average prices. The newsletter also provides mortgage rates and explores financial considerations, such as paying down the mortgage versus contributing to Registered Retirement Savings Plans (RRSPs) or Tax-Free Savings Accounts (TFSAs), advising consideration of interest rates and individual financial situations in decision-making.
The Greater Toronto Area (GTA) housing market experienced a decline in both sales and price growth throughout 2023, with a 12.1% decrease in sales compared to 2022 and a 5.4% decline in the average selling price, reaching $1,126,604. The Toronto Regional Real Estate Board (TRREB) attributes this slowdown to high interest rates and unrealistic federal mortgage qualification standards, making homeownership unaffordable for many households. Economic uncertainties and escalating borrowing costs led potential homebuyers to remain on the sidelines. TRREB President Jennifer Pearce anticipates a market re-energization following expected interest rate cuts by the Bank of Canada in 2024. Historically, rate cuts have prompted increased market activity.
