As the summer days continue to warm our beautiful region, I'm excited to bring you the latest updates and insights from the Halton and Greater Toronto real estate market!
📊 Market Stats: July Review
In July, the Halton, Hamilton, and Greater Toronto Area continued to show resilience with a gradual increase in the average home prices across all home types. In Oakville, the average selling price for detached and semi-detached homes increased respectively by 3% in July compared to the same period last year, while townhouses saw a 6.2% price growth. It's important to note that proper pricing and expert negotiation remain crucial in achieving the best results.
🌟 Market Snapshot: Summer Trends
Home prices have remained stable, with a modest increase in certain pockets of the market. As seasoned real estate professionals, we understand the importance of strategic pricing for both buyers and sellers. If you're considering listing your property, now might be an opportune time to explore its market value.
📈 Market Insight: The Power of Pre-Approval
Mortgage rates have shown slight fluctuations, underscoring the importance of staying informed about the current lending landscape. For potential buyers, locking in a favorable mortgage rate can make a significant difference in long-term affordability. Feel free to reach out to us if you need guidance on finding the right mortgage for your needs.
🌟 Luxury Market Snapshot:
Growing demand for residential properties has trickled into the upper-end of the Canadian real estate market, with luxury sales posting gains in 2023 in most major Canadian markets. RE/MAX Canada examined luxury market trends in 15 Canadian cities from coast to coast, and found rapid depletion in housing stock is placing upward pressure on values at lower price points and sparking an uptick in demand in the Luxury market as well. Buyers are taking advantage of the current window of opportunity to secure home ownership. Listings, however, are few and far between in most areas of the country and finding the right home has proved challenging.
The gap in consumer behaviour between the luxury housing and conventional property markets has widened since the Bank of Canada's rise in interest rates. Affluent buyers are more able to accommodate rising mortgage rates, and they're actively engaging in property searches and investments. However some Buyers and Sellers are holding back, seeking better market conditions. Experts warn this cautious approach carries risks due to unpredictable housing trends and lack of supply.