The newsletter provides a localized market analysis for Kleinburg, detailing recent sales data for various property types. Additionally, it explores mortgage rates and financial considerations, advising on choices between paying down the mortgage, contributing to RRSPs, or investing in TFSAs. The guidance emphasizes comparing interest rates and individual financial situations when making these decisions. Overall, the newsletter aims to provide comprehensive insights into both the broader GTA market trends and specific localized data for Kleinburg.
The Toronto Regional Real Estate Board’s (TRREB) December 2023 update reveals a decline in Greater Toronto Area (GTA) housing market performance compared to 2022, with a 12.1% drop in sales and a 5.4% decrease in the average selling price to $1,126,604. TRREB attributes this slowdown to high interest rates and stringent mortgage qualification standards, rendering homeownership unaffordable. Economic uncertainties and rising borrowing costs kept potential homebuyers on the sidelines in 2023. However, TRREB anticipates a market resurgence in 2024 following expected interest rate cuts by the Bank of Canada.
