08 Dec Market Notes: A few interesting listings continue to pop-up
The real estate market continues to slow down as we get closer to Christmas, but a few interesting listings continue to pop-up. The end-of-the-year deal is real and I frequently have clients who take advantage. So far, the real estate market in Toronto is trending towards a soft landing and more balanced conditions. Especially for the most affordable houses and condos. I think Jason Mercer, the Toronto Real Estate Board’s Director of Market Analysis said it best recently:
“Home types with lower average price points have been associated with stronger rates of price growth over the past few months. Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year,”
Of note is that the Bank of Canada decided not to raise interest rates this week, which was expected. What wasn’t expected was the more dovish tone towards rate hikes in the future. The oil crisis in Alberta and global trade uncertainty are concerns the Bank of Canada and investors are watching closely. If interest rates stay lower for longer, expect Toronto’s real estate market to hold onto the gains it has made in the last couple of years and appreciate further, albeit at a slower clip.
Feel free to contact me for more specific advice on buying or selling downtown.
Nick@livingdifferent.ca – cell/text – 416-890-6126