Is December’s Market a Winter Wonderland?

Hi my Property People!

As the year winds down, I just want to take you through a quick look at the current market for two areas that I love dearly and think about way too often – the Greater Toronto Area and Halton Region. Between the dizzying heights and its unexpected drops, the market can be a total rollercoaster but it’s a ride we can’t avoid as homeowners or soon to be homeowners. So let’s wrap up 2023 by taking a quick peek at today’s real estate landscape.

Finally, Some Interest Rate Relief (kind of):

This year has been a tough one for those keeping an eye on intertest rates – or hikes as they’ve been throughout the last 6 months – but hold on tight to your mortgage calculators because the Bank of Canada recently decided to keep interest rates steady. Those looking to jump into the market are finally seeing some stability on what to expect so even with rates being higher than they were last year, at least potential buyers and sellers can join the ride without feeling unsure about the costs.

Resilience, the GTA’s Superpower:

The GTA and Halton region are real estate superheroes. Despite global uncertainties trying to rain on its parade, the markets are still standing and growing stronger as it attracts homebuyers with its reliable return on investment and the promise of a cozy nest in the heart of the action.

Recently, the average home sold price in the GTA took a minor step up, marking a 0.3% year-over-year increase but we’ve ditched its buyer’s market label, ushering in a more balanced market as overall prices experience an interesting dip. For those thinking about purchasing, the update on mortgage rates are currently at 4.89% for a 5-Year Fixed term as of December 6 so when I say now is the time,
Now. Is. The. Time! 

Strategic Shenanigans:

Speaking of timing, wise buyers strategize the best time to find their dream home and smart sellers time their moves to get the best deal. So, as we continue riding this real estate rollercoaster through the GTA and Halton Region, remember that it’s not just about buying or selling; it’s about the journey and the intelligent and informed steps you take on it. And, as always, it’s super important to have a guide with you through that journey so never hesitate to reach out and we’ll set you on your best path possible for the new year.

All the best to you and yours in 2024!

Melissa Hull