July 2023 Toronto Real Estate Market Update
We are now in the summer and the Toronto real estate market has begun to slow. Real estate typically slows in the summer, but the higher interest rates are impacting the pace of the market. Homeowners are being squeezed and this is forcing them to cut back, or make larger decisions such as selling to downsize. The Bank of Canada is signaling that the high interest rates will be with us for a while so homeowners need to plan for this.
➡️ Seek advice early. You will have more options available to you if you examine your options early, before you're underwater. Refinance, selling an investment property, downsizing are just some of the options that may be available to you.
➡️If you are equity rich then now may be a good time to get into the market. Making a move to unlock that equity and perhaps move into a property that more suits your current needs can help alleviate pressure.
➡️We are in a balanced real estate market right now. This makes presenting your home in it's best light by decluttering, finishing repairs and staging are key. You will also need to ensure that your pricing is on point. Properties that are priced for the current market and look fantastic are selling.