The housing market has slowed considerably in the last month. Why has this happened? Two words: Interest Rates. With rates at close to 20-year highs and the addition of the 2% stress test on top of that, approvals are becoming increasingly difficult for homeowners. We’re still in a balanced market however, September shifted in the direction of the Buyers.

The short-term and medium-term expectations have changed greatly. In the short term, it’s become very clear that the market will stay in a “logger jam” with many buyers unable to move forward with rates this high. In the medium term, there’s still a lot of demand for housing in the GTA. The expectation is that when rates start to come back down in 2024, buyers will return in force to make that move that they’ve been holding off on for the last 2 years.

For those who have the ability to buy a home this fall, opportunities will abound. There will be room to negotiate and inventory levels should remain high giving you a lot of choice. Remember, the best purchases always happen when you’re able to move at times when most can not. This maximizes your purchasing power and home choices.

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