Numbers are in and we continue to see adjustments to the market because of the rising borrowing costs and uncertainty with inflation and our economy. As shown in the illustrations, the average price dipped by 4.3% compared to September 2021 however there was slight increase to prices of Semi-Detached, Townhomes & Condos compared to the stats from August of this year.
One of the more alarming stats in this month’s Market watch is the decrease in the number of new listings. New listings were down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.
We know that the Bank of Canada will be meeting this month and it is expected that the benchmark interest rate will be raised once again. Although this may seem alarming to most people, we do realize that properties are still moving through the market and we continue to have a problem with supply of homes.
It will be interesting to see how the final three months of the year play out and we would be glad to discuss all of this information with you and answer any questions you may have regarding the Real Estate market.