Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the GTA found some support near $1.1 million since the late summer.
In October, sales were down by 49% compared to October 2021. Low inventory, continued adjustment to higher borrow costs & uncertainty are all contributing factors.
In the condo market, investors are breathing a sigh of relief as prices in that segment continue to climb. The average price of a GTA condo now sits at $720,132 up 4.5% since last year.
The leasing market is also up substantially, the cost of a 1 bedroom condo for lease is up 20.4% since last year sitting at $2,481/month!
Immigration into the GTA, non-permanent migration for schools & temporary employment have all picked up markedly and are expected to continue. Add this to the impacts of higher borrowing costs in the ownership market and it becomes clear that the demand for housing will remain strong for the foreseeable future.
▪️Is it a good time to BUY despite rising interest rates? Absolutely it is. This is one of the best opportunities we’ve seen in years.
▪️Is this a good time to SELL? Yes, there is a need for inventory, there are serious buyers looking for ownership and homes that are priced in line with recently sold properties are selling.