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Addressing Topmost Concerns of Buyers and Sellers

The most top of mind question for anyone purchasing or selling real estate today is; has the market come to a stand still due to the recent inflation data and interest rate hikes.  I feel that this question needs to be addressed by both a real estate and financial professional.  To that end I have aligned with a very knowledgeable licensed mortgage agent ; Devon Noble from Dominon Lending ,who is always available to provide you his professional opinion on what is happening from a lending perspective. 

Firstly, over the past four months, Canadians have seen firsthand the correlation between interest rates and real estate prices. We have had four interest rate hikes this year in Canada, starting in March with .25% through to the most recent hike of 1.0% in July with a few more increases expected for the remainder of 2022.   In June, we had the most significant seasonally adjusted monthly decline in Canadian home prices.  Prices are now down for four consecutive months, and many areas are down 20-30 % from peak prices in February.  I will emphasize that the % decrease is neighborhood specific and more often then not property specific. In the more affluent neighborhoods, where borrowing is not as prevalent or aggressive as other areas, home sales are continuing to occur at a steady pace.  

 WHAT DOES THIS ALL MEAN FOR THOSE LOOKING TO BUY OR SELL??

* Signs of a more balanced and healthy real estate market in Toronto

*  A balanced market means buyer conditions are no longer non-starters when submitting an offer to purchase and negotiation has returned to the table

* Sellers should seek the advice of a local real estate professional  to provide an accurate market value for their property. Buyers should seek the advice of a real estate professional who knows  the values and market trends in the neighborhoods they desire.  

*Try to buy and sell in the same market,

or if you have already sold in a seller’s market  you are in an even more advantageous position to purchase.

Trying to time the market is challenging- Canada remains a world-class country with world class cities, immigration has increased and we are still having challenges meeting quality housing supply requirements for the growing population.  Many of you will still be interested in purchasing or selling a home because you need to upsize, downsize, wish to stop renting or are experiencing a lifestyle  change  The current balanced market provides you with a great opportunity.  We at Adam Weiner & Associates continue to represent our buyers and sellers throughout the summer months as the market continues to thrive. 

 To benefit from our 30+ years of real estate expertise or to obtain an unbiased opinion  from a reputable mortgage professional who will guide you through the buying or refinancing process , please reach out to either Devon Noble from Dominion Lending Centres or myself.