Like most of Canada, the Ontario housing market is currently dealing with rising interest rates and a lack of demand for houses. At the same time, people in Ontario, especially in the Greater Toronto Area (GTA), are getting out and shopping around for housing. The market is still thriving, albeit at a slightly lower rate than in previous months.
Read on to find out more about what the Ontario housing market currently looks like, what it is likely to look like in the future, and how you can use the knowledge to your advantage, whether you’re buying, selling, or both.
WHY THE CURRENT MARKET LOOKS SO LOW
Like many things, it is important to remember that, when looking at the current housing market, how it looks is heavily influenced by the previous context. As such, the current market looks so low since, back in February, the market hit a record high, and has only been steadily decreasing since. Because it started higher than normal though, this isn’t to say that the current market is poor in comparison; the average home price for this time of year has only gone down by 0.6% compared to the previous year, while the average market drop year-to-year is normally 4%.
What this means for sellers is that they shouldn’t worry that they will not be able to sell their home for a price they’re happy with, as this isn’t likely to be the case. If you find a good realtor as well who knows the market, such as John Burdi, Broker, Burdi Real Estate – RE/MAX West Experts, they can use this to get you the sale you want for as close to the price you want as possible.
THE HOUSING MARKET LOOKING FORWARD
Where the housing market will go in the fall and beyond is hard to predict as it depends on several factors. One of the largest factors to consider is interest rates, which might rise more now that they’ve been hiked up. Another thing to consider is the fact that, currently, mortgage rates are quite low, which makes it easier for buyers to purchase their dream homes.
Inflation is also steadily inclining upwards, which will affect the housing market and prices. So too will the rise in immigrants. With schools and workplaces opening back up once again for the fall, that means more people immigrating for the opportunities that Canada has to offer, which means more people looking for housing.
With these factors in mind, it can be presumed that the housing market might be able to deal with the rising interest rates and inflation. Immigration and lower mortgage rates can help to balance the buyer’s market again. With this knowledge in mind, a good real estate team can help both buyers and sellers get exactly what they want this fall.
Whether you’re planning to sell tomorrow or months from now, our team can help! Give John Burdi, Broker, Burdi Real Estate – RE/MAX West Experts a call today or visit our website to see how our team can get your “for sale” sign ready in no time.
