We love stats, but we don’t always trust them completely. Why? Because while numbers don’t lie, they don’t always tell the whole story. It all depends on how they’re grouped!
Looking at the numbers for the GTA through September 2024, home sales were up compared to last year as more people took advantage of lower interest rates and falling home prices. However, on the ground, we’re seeing higher- and mid-priced homes selling faster, while the entry-level market is much slower. This slower pace in the entry-level segment could skew the average sale prices, making it seem like prices are rising more than they actually are.
With the recent drop in borrowing costs and changes to mortgage rules, we’re hopeful that it will become easier for more families—especially first-time buyers—to consider homeownership. Hopefully, this will shift the spring market in the right direction.
As for the next Bank of Canada announcement on October 23, we’re expecting at least a 25-point drop in the rate, and maybe even 50 points. Fingers crossed!
Is it a good time to buy or sell? Reach out, and let’s chat!
