|After a pause in new inventory while summer ended and children were shuffling back to school, the fall real estate market has begun and the the listings have started to show signs of life this week. Our team is busy re-engaging with buyers who have been quiet for the summer months, and with sellers trying to strategize on the optimal timing for listing their homes.
Speculation continues to run rampant as to what the real estate market is about to do this fall and predictions continue to change week-over-week. While the statistics from August are relevant to show a slight uptick in the market compared to the lower July stats, the coming weeks will be the most telling to the willingness of buyers to bid on properties and what confidence they have with the further adjusted rates and associated changes in affordability for the homes they are trying to purchase.
While the media can group national statistics with municipal outcomes to make for a more compelling read, our team remains focused on analyzing our micro market here in the central core of Toronto. The average sale price has adjusted across the board, however each neighbourhood has a varying degree of adjustment (and many are not as bleak as the general stats prescribe). We are still actively listing and buying properties with clients and this consistent interaction helps us keep a pulse on the psychology of each side of the transaction’s participants as we progress week over week.
I predict that we will have a short selling season this fall, with the bulk of inventory transacting between September and October before property owners hold back for the 2023 season. In 2020 and 2021, our November and even December markets remained strong with inventory and sales, but with the uncertainty around so many local and global factors at play, my sense is we will see a shorter and more abrupt trading season this fall.
As a team, we remain your confident market educators and look forward to speaking with you about unique opportunities that might be available in this changing market while guiding you through the ups and downs of the fall market ahead. Please feel free to reach out at any time to discuss the market with us, and we be in touch in the coming weeks with more relevant data as well as information about our upcoming Thanksgiving drive in October!
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