Home Sales Drop In September

Описание: #bankofcanada #condos #mississauga
#condos #mississauga #realtor
#condos #mississauga #realtor
#mississauga #realtor #condos
#condos #mississauga #september2023
#mississauga #september2023 #condos
#mississauga #realtor #condos
#september2023
#mississauga #mississaugarealtor #realtor #investor #condos #stevemoranhomes #torontohomepricesrise #torontomarketwatchseptember2023 #bankofcanada
#torontorealestatemarketrecovery


As we prepare for Thanksgiving, I want to wish you and your loved ones a safe and joyous holiday celebration. There’s no better time than Thanksgiving to celebrate life’s many blessings.
Greater Toronto Area home sales slid 7.1 per cent last month compared with September 2022 as the impact of high borrowing costs, high inflation,
uncertainty surrounding future Bank of Canada decisions and slower economic growth contributed to the downward trend in sales.
Meanwhile, the average home price reached 1.12 million, a rise of 3.4 per cent from August and a three per cent increase from last September.
We did experience more balanced market conditions in the summer and early fall, with listings increasing noticeably relative to sales. This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing costs.
The short and medium-term outlooks for the Greater Toronto Area housing
market are very different. In the short term, the consensus view is that
borrowing costs will remain high until mid-2024, after which they will start to
trend lower. This suggests that we should start to see an uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers.
As we prepare for Thanksgiving, I want to wish you and your loved ones a safe and joyous holiday celebration.