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There has been a lot of discussion in the Real Estate Market about where we're heading this spring/summer.
"Based on trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation" said TREBB President Kevin Crigger.
Our observation for the decline in Sales is that Buyers are taking time to re-assess their purchasing power given the recent and upcoming interest rate hikes. Having said that, Buyers who have locked in a mortgage rate for 90-120 days with their Lendor will likely be purchasing during this time frame.
In Oakville, the average sale price (all home types) in April was $1,788,342 vs. $1,471,838 which is an increase of 21.5%. However we have seen a small decline since March 2022 of 1.6%.
In Burlington, the average sale price (all home types) in April was $1,326,753 vs. $1,059,466 last year, represents a 25% increase year over year. Similar to Oakville, there has been a decline of 2.7% since March 2022.
In Toronto, the average sale price (all home types) in April was $1,196,454 vs. $1,028,662 last year which is an increase of 16%. Unlike Oakville and Burlington, Toronto has seen a 1.3% increase of the average price since last month.
As a Seller, it is best to consult us to determine an attractive list price and ensure that your home is showcased to the best of its ability though our robust marketing strategies.