In July, sales activity in the GTA continued to slow as compared to 2021. Prices also continued to moderate following the peak seen earlier this year, however, average home prices are still higher than they were in July 2021 and benchmark home prices remain 12.9% higher than they were a year ago.
Is now the right time to buy or sell? That is the million-dollar question. Of course, prices are always relative. Meaning if you sell during a downturn and repurchase during a downturn, you are in relatively the same position that you would have had you sold and repurchased during the peak of the market.
However, if you are entering the real estate market for the first time or are looking to add to your real estate investment portfolio, current market conditions are favourable. With mortgage rates still at moderately low levels, and declining prices, buyers are getting a lot more for the money today than they were a few months ago; and, in most cases, buyers are not having to bid against other potential buyers to purchase a home. The balance pace in the market affords buyers the time to negotiate favourable terms and conditions that were difficult to include in the fast-moving market we had become too used to. Conditions on home inspection and financing are now becoming commonplace and give first-time buyers the additional security they need to feel comfortable about their purchase.
If you would like a detailed report of this month’s activity, please email me at paulinesaliba@psitsold.com.