October has followed the market trend that we saw in September. Lower sales, more power for buyers and more inventory to choose from. For a well-qualified buyer, the next 3 months will be a great time to choose a new home. Choose is the important word. With higher inventories, buyers can get more of their “must-have” features in a home.

As we move into spring I believe that inventories will start to go down and some of that great choice will move out of the market. There’s a dam that’s building up right now with buyers behind the wall and at some point, it will burst forward. When will this happen? When fixed rates start to come down and people realize that future rates will be lower than current rates. It will be a stream of buyers at first and then the damn will burst when rates get to the 5% range. Remember, fixed rates come down a couple of months ahead of the BOC cutting rates, so they lead the market down.

The record population growth that we’ve had in the GTA has created huge demand for housing. Interest rates are the only thing holding back buyers at this point so when they start to come down, the housing market will rebound. If you’re considering making a move, reach out, let’s have a chat about the right time for you to take advantage of this housing market.

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