February 24, 2023

February Newsletter and market Report

The Bank of Canada’s anticipated pause on interest rate hikes sets the stage for a better spring market for Buyers and Sellers, provided that there is enough inventory to satisfy demand.

New listings remained scarce in January. The lack of inventory is creating increased competition for desirable homes, particularly in the low-rise category. Buyers who held off last year on making a move are now competing for quality homes, and in some cases finding themselves in multiple offer scenarios given the insufficient number of listings on the market. Sellers looking to list their home in the remaining winter months may be pleasantly surprised by the attention a well maintained, well priced home will receive in this current market.

“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some Buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

While the cost of borrowing has gone up in the last year, the average price of properties across the GTA has fallen from the record highs recorded last winter. This creates an opportunity for wealth accumulation for those willing to make a move. As interest rates stabilize, the likelihood that values move higher in the second half of 2023 increases, resulting in the potential for equity increases for those willing to step to the plate while others continue to sit on the bench. Aggregate values in the GTA are down approximately 20% from the peak, however, compared to average home prices throughout 2020, current prices remain 16% higher over a two-year span. The last time an opportunity like this presented itself in the GTA came during the 2017 market correction. In hindsight, it was an excellent opportunity to enter the market or for those looking to move up in value or asset class. Property values in the GTA have increased 45% since 2017.

With over 30 years of experience, the Dan Cooper Group possesses a wealth of knowledge, steadfast work ethic and unparalleled service that delivers results. We are full-service real estate experts and our clients are at the heart of everything we do. Get in touch today!

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