Here are some specifics based on your position in the market:
Buyers There is opportunity to be had in the GTA regions, but the downtown core remains stable. While your purchasing power is impacted by interest rates, many sellers have taken that into account and priced accordingly. The benefit to buying now, is that when rates come down, you will have locked in a property at a great price point. Buying now means less competition, lower prices, and more time to consider your options. If you are a cash buyer, or have a large down payment, now is an especially wonderful time to purchase! Sellers Despite what the headlines say, it may still be a good time to go to market. If you own in a low inventory neighbourhood, multiple offers and stellar prices are still being achieved. If you are looking to upgrade, this market presents a great opportunity, as higher priced homes have seen greater price reductions and have a smaller buyer pool ($2M+). That means, if you have a home under $1M, you are in a hotter selling market than the property you upgrade into. Renters As rental prices continue to climb, it is a great time to consider purchasing, as the gap between mortgage and rental payments closes. There are lots of clever ways to get into the market if it is not feasible to do so alone. Co-ownership, moving further out, pre-construction.. the possibilities are endless! Your location, timeline and goals will drastically impact your real estate decisions. There isn't a "one size fits all" solution, and I am here to assist in determining the best option for you. Wishing you a wonderful month ahead!
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