GTA’s Balanced Market Conditions are Favourable for Buyers
Thursday Oct 19th, 2017
For the first time in over four years, the average house price in Canada is lower than it was a year earlier — a sign that tougher housing rules and rising mortgage rates are cooling the once overheated housing market.
In July, the average house price in Canada was $478,696, down 0.3 percent from the same month a year earlier. In Toronto, however, the average price of $746,218 is still 5 percent higher than a year ago. But, it has fallen by about 19 percent since April, when Ontario's government announced new measures to cool the housing market.
With these new conditions, the CREA says that Canada’s housing market is currently in “balanced territory”. As such, housing markets that recently favoured sellers have become more equalized, with some beginning to tilt towards buyers' market territory.
If you are looking to buy a home, this could mean wonderful things for your house hunt. In a more balanced market, you might find that you have more choice, have more time and have more negotiating power when it comes to putting an offer on a home. This is a stark contrast from earlier in the year, prior to the cooling measures being put into place – a season where choice, time and negotiating power was almost unheard of.
Coupled with the recent news that the Bank of Canada will likely increase interest rates in the fall, now is the best time to get into the market and buy a home. The CREA suspects that sales may start to bottom out amid a more stabilized housing market – and, as we know, what goes down, is likely to go up. When? Only time will tell.
Your Mississauga Real Estate Sales Representative
If you need an experienced, knowledgeable and trusting realtor to help you understand our current market conditions, please contact me, Deborah Clerk, Sales Representative at Keller Williams Realty, Brokerage, at (905) 949-8866. I love working with all types of buyers, including first-time buyers, move-up buyers, downsizers, investors and more. Let's talk about your home buying needs!