Etobicoke Real Estate is there a unique opportunity for Buyers?
Etobicoke Real Estate is there a unique opportunity for Buyers?
Can you believe it is September already? With the new school year kicking off, are you settling into a fresh routine? I always feel like the start of fall and the back-to-school season brings a chance for new beginnings, especially in the real estate market. Have you thought about buying a home in Etobicoke or selling the one you have but just unsure of the real estate market? Keep reading to see how things shaped up last month and what might be coming this fall.
Typical Real Estate Market in August
Home sales in the GTA were down in August 2024 compared to last year, while new listings saw a small increase. This is typical for this time of year as many people are on vacation or focused on summer activities, leading to a slowdown in sales. New listings tend to rise slightly as sellers who waited for summer to end bring their homes to market.
Bank of Canada Rate Cut
The Bank of Canada’s rate cut on September 4th will make borrowing more affordable, especially for those with variable rates. First-time buyers, who are particularly affected by borrowing costs, are likely to increase, especially in the condo market, as rates continue to fall this year and next.
GTA REALTORS® reported 4,975 home sales through TRREB’s MLS® System in August 2024 – down by 5.3% compared to 5,251 sales reported in August 2023. New listings were up by 1.5% year-over-year. On a seasonally adjusted basis, August sales edged up on a monthly basis compared to July, whereas new listings were down slightly compared to the previous month.
The average selling price fell 0.8% from August 2023 to $1,074,425, partly due to more detached home sales. On a seasonally adjusted basis, prices were slightly lower than in July. As borrowing costs decrease over the next year and a half, buyers will benefit from lower payments and prices. While demand may rise in 2025, a high inventory will likely keep price growth moderate initially, according to TRREB Chief Market Analyst Jason Mercer.
Etobicoke Real Estate is there a unique opportunity for Buyers?
Overall, the housing market in the GTA and in Etobicoke is currently transitioning with high inventory and slower sales, while the condo market is gaining attention. Recent interest rate cuts by the Bank of Canada and easing prices could be a great opportunity for buyers looking to purchase something in Etobicoke. With lower interest rates, your monthly mortgage payments go further, meaning you can afford more home for the same budget. If you’ve been thinking about upgrading to a larger space, now’s the time to explore properties that better fit your needs and offer you more favorable mortgage terms. There are some great opportunities I’m seeing in the Etobicoke real estate market now.
If you live in Etobicoke and have been thinking of selling your home, you can benefit from more potential buyers entering the market. As affordability increases, I’m seeing renewed interest in higher-value homes, making it easier to find the right buyer for your property.
Basically if you are thinking about buying or selling in Etobicoke, it is a good time to stay informed and be patient. With plenty of options and less competition, now might be the perfect moment to explore opportunities for long-term gains in the Etobicoke real estate market. Don’t hesitate to ask if you have any questions or need support.
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