08/09/2023
I hope everyone found some time to enjoy the summer, with this heatwave we are having, summer seems like it is not ready to leave us just yet. August was an interesting month for residential real estate as we patiently awaited the Bank of Canada's interest rate announcement early this September. The good news is that they held the bank rate at 5%. With certainty comes confidence in our marketplace.
There were fewer home sales in August compared to last August, down 5.2%. New listings were up by 16.2 per cent year-over-over, providing some relief on the supply side but year-to-date listings are still down compared to the same period last year. The average selling price remained around last August's level up 0.3%. Looking forward, as the certainty in our lending rates takes hold, there will be solid demand for housing, both for ownership and rental. Further, continued record immigration will also support strong interest in housing.
Certainty will bring optimism to our market and the interest in real estate will grow in the coming months. The Great Toronto Area and The Golden Horseshoe are in desperate need for housing. Developers are working hard to get their projects to market in order to support the demand for ownership and rental. For years now developers have supplied the rental product needed to put roofs over people's heads. There will be many new opportunities to invest in real estate this fall with new projects of all types, condos, townhomes or detached, being released weekly. If you ever had any interest in considering investing in real estate please do not hesitate to contact me as I have access to many of these projects across the GTA and beyond.
I look forward to connecting with you this fall and please never hesitate to reach out to me with any of your real estate questions.
