Right across the GTA, we’ve firmly moved into a Seller’s Market. We’re seeing many buyers come back into the market. They’ve become adjusted to the higher borrowing costs and are looking to pick up homes at large discounts to prices from a year ago.

Seller’s Market In Full Swing

This is still fresh news. I’d expect that as this starts to become common knowledge, we’ll see more buyers come back to the market. Getting ahead of the eventual price increases will be a major incentive for action.

I’d also expect listings to stay lower than normal. Homeowners are trying to hold on to lower locked-in mortgage rates. This will hold listings back a bit as sellers will wait until closer to renewal time to sell. These factors all point to a sustained Seller’s Market going forward.

Interest Rates Have Dropped

When it comes to interest rates, we’ve seen the top. Fixed rates have actually come down and are in the 4.5% range from the peak of 5.5%. Variable rates are still high, yet, in Canada most people take the 5-year fixed-rate mortgage. That’s always been the most important one to watch.

In the last month on the street, we’ve been seeing the added buyer pressure. Days on market have all dropped. We’re also seeing buyers willing to bid in multiple offers for homes that look good and are staged well.

Multiple Offers Are Back

If you’ve been sitting on the fence, unsure if now was the right time to make a move, get in touch. There is no harm in having a conversation about what you’re planning and when is the right time to make that move.

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