Based on recent home prices and trends, are Toronto real estate prices going down?
The Greater Toronto Area (GTA) saw a 39 percent drop in sales compared to one year ago but prices in some areas actually rose by 10 percent.
The Toronto Real Estate Board (TREB) attributes the steep drop in sales to higher mortgage interest rates. This has resulted in Toronto real estate prices going down with listings generally taking longer to sell with fewer buyer offers and fewer buyer bidding wars.
This is obviously not great news for Toronto home sellers right now but pretty good news for home buyers looking for less competition. With buyers spending more time sitting on the sidelines thinking home prices will continue to steadily drop, this could actually be a buy, particularly if prices in Toronto never really drop, but competition does.
If you were ready to buy, what would you do? Buy now or wait a while longer to see what happens?
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