‘Motivated’ buyers could spur uptick in Toronto-area real estate, agents say
Global News
The real estate market across much of the GTHA continues to remain soft as interest rates remain high, but we could soon see things sell at a brisker pace next spring.
The real estate market across much of the Greater Toronto Area and beyond continues to remain soft as interest rates remain high, but we could soon see things sell at a brisker pace next spring.
It has been speculated that the federal bank is expected to drop the Bank of Canada rate in the coming months by a half-point, but Hamilton realtor Rob Golfi believes it will be too late to boost the fall market.
“They should have done it early, like the first week of October and it would have it would have really made the fall market stronger than it is,” he explained, noting that he was concerned that sluggish fall sales will lead to an overheated spring market.
The soft market realtors spoke about were backed up by numbers released by the area’s largest real estate board at the start of the month, which showed that while sales were up slightly, the number of homes changing hands was down.
The average selling price for a Toronto-area home remained flat with an increase of one per cent in September according to the Toronto Regional Real Estate Board while 4,996 homes were sold, which is a modest gain from a year earlier.
Prices have also fallen in other areas around the city, according to a realtor in Durham Region.
“In Ajax, I think they were floating just over a million at that time in terms of average price, and that’s dropped to just over ($900,000.) So we’re close to a 10-per cent reduction,” Ajax realtor Doug Gordon said.
Tony Johal, a realtor in Waterloo Region, says things have been OK as fresh product arrived on the market in September when the fall market kicked off.
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