After a year of "record-breaking," "unprecedented," and "all-time" highs and lows, the fall season has arrived, bringing with it built up inventory and the promise of lower interest rates.
Year over year, condo prices in the GTA have seen a 2% decline, while townhouse prices dropped 1% and detached homes ticked down 0.1%. In Hamilton-Burlington, townhouse and detached home prices saw even more dramatic declines of 5% since July 2023. And in London, that number jumped to 6.2%. But elsewhere, as in Calgary, Edmonton, and Saskatoon, prices are on the rise, with increases of 10%, 7.6%, and 5% respectively.
With condo inventories on the rise, average prices on the decline, and rates dropping almost every month, you might think the house of your dreams will be ripe for the picking come fall. But Zoocasa is keeping things real. "Competition for desirable homes will remain fierce," they predict. This is largely because inventory owned by boomers reluctant to give up their homes, i.e., detached or semi-detached homes with yards and space for a young family, will remain tight.
“With many investors over-leveraged and facing the challenge of rents not covering new mortgage payments, we expect to see more duplexes, triplexes, and fourplexes coming to market at competitive prices,” explains Haw. “Not only might you secure a larger property at a discount compared to other single-family homes in the area, but the potential for rental income can also make it easier to manage your mortgage.