Thursday Nov 16th, 2023
We are experiencing a buyer-friendly market in terms of prices and the number of listings in Toronto right now, especially in the downtown Toronto condo sector. In Mississauga, there's also a choice, to say the least.
We anticipate that sales may remain steady throughout the winter, with a listings-to-sales ratio ranging from 30-40%. Sellers can expect their properties to be on the market for around 30 days. If the Bank of Canada lowers interest rates in 2024, activity will likely increase.
However, activity always depends on the specific property. In September, in Port Credit, Mississauga, two condo townhomes were sold within seven days, while in Clarkson (where good schools are located), a freehold townhome took just over a month to sell.
In October, condos in Kensington-Chinatown were sold within a week, which cannot be said for Liberty Village.
Where will prices go
Like any market, some people really need to buy or really want to sell. Such sellers will not just keep their property on the market; they will reduce the price. I believe it's only a matter of time.
And, of course, a lot depends on the area. For example, The Canary District is quite a sought-after area. And in Baby Point, it hasn't slowed down.
If you're thinking about buying, considering forecasts of interest rate cuts in the fourth quarter of 2024 or possibly early 2025, don't lock in a long-term mortgage for five years.
Opt for a short-term one and take advantage of the pressure on prices to decrease.
In the fall of 2013, the average price for an apartment in Toronto was just over $360,000, and the average price for a detached house was $842,000. Compare this with today's average prices of $747,000 for apartments and $1.741 million for houses.
If you're interested in knowing the value of your home or just want to discuss what's happening in the market, feel free to contact me.
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