This month I took a broader picture of the Real Estate market over all. As we have seen some larger changes take place.
If you want to see the video scroll to the bottom of the page and watch on YouTube!
here is your october real estate market update
This month, Ontario continues to experience a strong buyer’s market, boosted by favourable conditions and today’s significant rate cut from the Bank of Canada.
According to Teranet and CREA, home prices in Ontario are stabilising while inventory levels are increasing. Teranet’s House Price Index indicates a continued cooling of prices, and CREA’s September report shows a 25.6% increase in active listings year-over-year.More homes on the market mean more choices for buyers, with less competition and pressure.With the average home price across Ontario hovering around $851,478 and nearly five months of inventory available, the market heavily favours buyers.This gives purchasers more negotiation power, especially as homes take longer to sell.
BOC rate announcement
In a big move today, the Bank of Canada reduced its policy interest rate by 50 basis points, bringing it down to 3.75%
This is a substantial cut and is expected to make mortgages more affordable. With this reduced rate, now is an excellent time for buyers to secure favourable mortgage terms, especially as inflation cools and further rate reductions could follow.
Luxury Market
In the luxury segment, which I consider homes priced over $1.5 million, we are seeing slower movement, giving buyers more negotiation power in the premium market. If you’ve been considering investing in a high-end property, now could be a great opportunity.
With Octobers rate cut and growing inventory, this is an ideal time to explore buying opportunities. Feel free to reach out if you have any questions or need guidance—I’m here to help!
References:
https://www.bankofcanada.ca/2024/04/fad-press-release-2024-04-10/
https://creastats.crea.ca/board/orea?trk=public_post_comment-text
https://creastats.crea.ca/en-CA/
