Fall Market Update
The Toronto real estate market results for September are in and show that sales continue to decline along with prices and the days on market are also increasing. While most buyers are on the sidelines now, you should be looking for a home if you fit into the following categories.
➡️First Time Home Buyers If you're looking to get into the market, home prices have adjusted down to levels that we haven't seen in years. With entry points now much lower than they have been, even though rates are higher, now could be a good time to buy.
➡️Downsizers Prices may be down, but if you purchased 10, 15, or 20 years ago then you will have built up some very good equity in your home. While your selling price will be lower, what you pay for your new home will be lower than it was in the past couple of years.
➡️You Purchased More Than 7 Years Ago If you purchased your current home pre-pandemic, or well before that then you will be sitting on some good equity. As with downsizers you'll be able to role that equity into a new home that is currently selling at a discount compared to last year. If you're wondering how your property is doing right now then you can always reach out for a property report here:
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