Hey Toronto... we've heard you talking.
A recently announced interest in rate hike by The Bank of Canada brings the current prime rate up to 1.5% from 1.25%, marking the fourth such hike since last summer... and people are asking what this might mean in terms of real estate.
What else do we know? Home prices and home sales are both up overall as compared to June 2017. The numbers are up over last June, but seem lower as compared to last Spring's incredible real estate rush.
And the public is confused.
Many Home Sellers are still attached to home prices they saw last Spring... and many buyers are looking at the market, seeing a slight slow down, and deciding they want to watch how the market moves before making a decision.
But there are always markets within markets. Condo sales are showing no sign of slowing, and prices are up, while the move-up market is showing some slowing once you get outside of Toronto Central.
All of this can be incredibly confusing for both buyers and sellers alike, and it takes a knowledgeable agent to guide clients through this changing market.
Part of the challenge is that the Toronto Real Estate Board covers a huge amount of geographic space and this means that what is true in one area isn't always true in the rest of the GTA.
If you're thinking of buying or selling, please feel free to reach out at any time. Our knowledgeable agents are armed with the tools and training to help make sense of the market and ensure that their buyers aren't overpaying... and that their selling clients net the most money for their home sale.
And if you're a real estate agent looking to grow your business and learn the skills and scripts to calmly and confidently guide your clients through on of their biggest transactions, take a look at our training calendar at whykwru.ca - our classes are FREE and open to agents from any brokerage.
Call us today at 416-572-1016. We'd love to help you!