October Market Stats

October Market Watch courtesy of TRREB was released today.  We are seeing an increased number of listings and less sales due to the high interest rates.  Even though Bank of Canada did not increase Prime, we are seeing the adverse effect of these rates.  House prices are coming down in Durham Region and Open Houses are quieter. 

Many Seller's are seeing little to no activity on their listings ... unless they are pricing below market value and attempting a "bidding war" and even that is not working right now for many.

I did a quick look at the prices from February 2022 to October 2023 and we are down around 20% across many cities and towns.  Average Detached Home Price in Pickering went from $1.49M to $1.19M.   Vaughan went from $2.2M to $1.7M, Brampton went from $1.6 to $1.1 and Ajax went from $1.4 to $1.03M.... so it isn't just Pickering or Durham Region.  It is happening everywhere. 

Many homes are sitting longer due to the high influx of listings coming on the market and it is believe many more are coming.  We are also seeing a lot of assignments .. which are listings that aren't even built yet but people are trying to sell them before they have to close at these rates as they are afraid they won't qualify or the property is now worth less than what they paid for it at the builders office.

If you are in need of real estate advice, whether it is a pre-con, an Estate Sale or due to unforeseen family circumstances, divorce, job loss, etc., please don't hesitate to contact me.   Each call is confidential and I will do my best to give you the 'honest" truth about the market in your area and the recent sales if any.

The longer the property sits on the market, it then becomes stale.  Realtors® all have access to the same listings and days on market and cancellations.  If you are overpriced, they will use your listing to sell another one.  Be smart.  Work with someone who is working for your best interest.  I would love to chat and show you what I can do.

Please feel free to check out the article below but comparing prices and sales to last year is pointless.  They should be comparing it to last month to see the true picture.  Wouldnt' you agree?

Looking forward to assisting you in your next move.  Michelle