Today I want to take a moment to check in and let you know how our Canadian real estate market is faring.
If you have been thinking of selling your home, you should know that our current market still has some great opportunities.
Recently, the Canadian Mortgage and Housing Corporation (CMHC) released data for September 1017.
The data indicated that the housing starts trend decreased for the first time in many months. However, there are still areas of the market that are strong.
“New home construction remains very strong […]” according to CMHC’s chief economist Bob Dugan.
In Toronto specifically, the low-rise sector has remained strong, as has the pace of construction for new homes. This is largely driven by strong demand.
Right now, buyers are eager. For this reason, Toronto Real Estate Board (TERB) President Tim Syrianos is predicting strong sales for the fall months.
Buyers are also excited over the drop in house prices over the last 5 months. Nationally, the average home price decreased .4% from last year, sitting now at $478,696. While this trend has not seemed entirely favorable, it could help push encourage some stimulation in our market.
Additionally, the average rate for a one-year fixed rate closed mortgage has held steady, sitting at 3.14%.
Markets do experience fluctuations, so it’s hard to say how long these rates will last.
Projected home sales are down from last month, going from approximately 39,900 to 39,392.
Still, certain factors of our current market make it a great time for buyers to start looking for a home.
The demand this creates means that sellers will be able to take advantage of our circumstances, as well.
It is hard to say where the Canadian real estate market may be headed in the future. However, we know that right now there are a few strong driving factors.
If you are thinking of selling your home, it may be time to do it now while competition is low and buyers are motivated.
You can get started with this home value calculator on my site, which takes into account recent home sales:
This calculator will give you a good idea of what your home is worth in the current market.
And if you want an even more accurate estimate, or if you have any questions concerning our real estate market, just give me a call. I’m here to help.
Have a great day!