Market Watch and Key Takeaways

👉 The overall demand for housing continues to be strong, with population growth being at a record pace and a resilient economy in Ontario.  Despite a shortfall in supply, it was the higher borrowing costs that kept home sales below the February sales record reached in 2021.  TRREB CEO John DiMichele anticipates that the demand for housing will only increase over the next two years.

👉 There’s a general belief that the Bank of Canada has finished hiking rates and Consumers are projecting at worse, a flat interest rate or, at best, cuts in the interest rates.  The bulk of buyers who held tight in Fall 2023 continued to add to their downpayment savings and having come to terms with the elevated mortgage rates (over the past two years), it is projected that they’re ready to purchase.

👉 Year-over-year, GTA home sales were up by 12.3% (factoring in the extra day of the leap year) and Home selling prices remained similar to February 2023

👉 Monthly Trending reflected February sales lower than the two preceding monthly increases while new listings were flat.

👉 We mentioned it before but are doubling down on the advice that if you’re a buyer hoping to get into the market, now is the time!

📧 info@powellandgallopteam.com