We hope you've been enjoying the Fall season and the warm weather we've been lucky to have. This month, we've noticed a positive change in the market in some areas.
Is it possible that prices are finally beginning to stabilize? The short answer is YES. Based on the data released in the latest TREB market report, we are seeing a slight increase on the average sales prices since last month in Burlington and Toronto. Despite prices being slightly lower since this time last year, this is a positive sign from the market.
From an inventory perspective, we are heading very close to a balanced market. This is indicated by the months of inventory available. Markets with 3-6 months of inventory are considered balanced and currently, we have between 2.6 - 2.8 months as shown below:
Oakville: 2.7 Months
Burlington: 2.6 Months
Toronto: 2.8 Months
As a Buyer, now is a good time to consider beginning your search as prices are starting to show a slight increase since last month in some areas. There is also more inventory available and values have balanced which is an opportunity that wasn’t available earlier this year.
Interest rates are expected to rise again during the next announcement which is scheduled for early December. Don't wait on the sidelines!
As a Seller, the inventory is still in your favour based on the months available and there are buyers out looking to move within the next 3 months. They have locked in interest rates that they want to take advantage of before the upcoming rate increase. There are a lot of job relocations as well during the months of November- January with many serious Buyers looking to move. We have strategies in place to help you ensure the highest sale price for your investment should you consider Selling.
We hope you found this information helpful and we are always happy to chat with you about your home and the market. Please reach out if you'd like us to send you a complimentary Comparative Market Analysis for your property.