The Greater Toronto Area (GTA) housing market saw a brief upswing in bidding price earlier this fall but the trend didn’t last.
The competitive market is nearing an all-time low with sales dropping 2.3 per cent from September, according to a report from real estate firm, Wahi.
The average price for a detached home is down by 7.3 per cent. The average price for a condo is down by 4.7 per cent. This is good news for buyers as home prices and interest rates have been dropping. Allowing them to purchase homes at a more affordable rate.
Despite this, prospective home buyers are uncertain of the economic future of the region. This news comes after an approximate 2.5 per cent cost of living increase in Ontario. With some areas like Whitby seeing a steep increase in rent and home prices. The overall housing market is cooling in the GTA but Whitby’s Lynde creek area is still seeing houses being sold for more than the asking price.
Toronto Regional Real Estate Board chief information officer Jason Mercer said he expects the market to rebound once people are more confident about the economy.“Once we have more certainty on the economic front, including trade with the U.S. and China, home sales should increase.”