September/October 2023 edition of the Newsletter reports on the dynamic market trends in the Greater Toronto Area (GTA). Despite a 7.8% increase in sales compared to July 2022, the Toronto Regional Real Estate Board notes a leveling off of momentum due to a recent interest rate hike.
Average prices rose by 4.2%, reaching $1,118,374. The City of Toronto saw prices at $1,066,184, while the rest of the GTA averaged $1,147,634. The newsletter also addresses concerns about property tax assessments, lack of transparency in assessment methods, and the soaring rental market, with condo rents experiencing unprecedented rates.
Additionally, it discusses the shift in mortgage trends towards fixed-rate mortgages amid rising interest rates. The publication concludes with a section featuring interesting websites and a mortgage rate update.
Detailed downloadable pdf is attached below.
