Image by : unsplash
Home sales in the Toronto area are gradually picking up after an extended period of low activity, but buyers still retain leverage in price negotiations. Most of the region remains in a “buyer’s market,” with housing prices, especially for condos, slightly lower than last year. Recent data shows that 88 percent of the Greater Toronto Area saw homes sell below asking prices, and 70 percent of homes went for less than expected in October.
Despite the predominance of underbidding, early signs suggest buyers may be returning to the market as interest rates drop. This is evidenced by an increase in overbidding activity, particularly in September, alongside a modest increase in sales in both September and October. These trends could indicate a subtle shift in market sentiment, though experts suggest it's too soon to determine the full impact of potential rate cuts on the market.
Experts believe that next year’s spring market will serve as a crucial indicator for where the market is heading. Although homes have been sitting longer and builders are slowing down, significant price drops have not materialized as expected. Market stakeholders largely anticipate prices to stabilize or increase, suggesting that this period may present the best negotiating power and lowest prices for buyers in the near future.
Read the full article on: blogTO
