While home-buyer hopefuls won’t be forced into bidding wars or to waive home inspections, they will face prices that are still very high, as well as remarkably challenging borrowing conditions.The Greater Toronto Area has been approaching a buyer’s market for some time, but it seems that September sealed the deal.that 4,642 home sales were recorded last month. That figure is down 12.3% month over month and 7.1% year over year. Meanwhile, new listings shot up 32.2% month over month and 44.
TRREB Chief Market Analyst Jason Mercer said on Wednesday that September’s uptick in new listing relative to the drop-off in sales suggests that “some buyers may benefit from more negotiating power.”When you consider the ultra-competitive conditions that characterized the pandemic-era real estate frenzy, there is some relief in knowing that the market has taken a turn.
Even so, Desjardins economists explained that “such a plunge would only bring the home-price‑to‑per-capita-disposable-income ratio back to where it was in late 2015,” which was considered to be a “record level of unaffordability at that time.” There are other headwinds at play for first-time buyers in particular, noted TRREB CEO John DiMichele on Wednesday.
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