July saw much more of a balanced market. Although home sales were down 47% the average price of a home was up 1.2% from last year.
Many factors have affected the decrease in home sales. The biggest factors are higher borrowing costs and market uncertainty. Market slow down this time of year is also seasonally normal.
This is also the first year where restrictions have been lifted, especially in travel, which is distracting consumers as they enjoy summer, travelling and simply taking a break from the buying process.
The average price of a GTA home is $1,074,754. To offset the higher borrowing costs, buyers have turned their attention to less expensive homes, such as condos, creating higher demand and stronger price growth in that home type.
Canadians are resilient and home buyers are still pursuing their dreams of home ownership. They’ve adjusted their expectations to fit within their new budget.
This is very much a great opportunity for both buyers and sellers if a move is being contemplated.
𝗧𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗶𝘀 𝗻𝗼𝘁 𝘁𝗮𝗻𝗸𝗶𝗻𝗴, 𝗶𝘁’𝘀 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗶𝗻𝗴.
If you have questions or trying to determine your next move, reach out! I’d be happy to assist in any way I can.