Experts agree that the tides have turned for the GTA’s long-standing sellers’ market, with softer conditions expected for the rest of the year and well into 2024.
“September is usually the lowest month for SNLR because lots of new listings hit the market for the fall, and the first couple of weeks are slow for sales as families settle back into school and work. But this 30% is the lowest single month since at least the start of 2011,” Ingram continues. With less competition for individual listings, that there’s now more opportunity for buyers to insist on clauses and conditions, without jeopardizing their offers, adds Ingram. “A client of mine purchased a house a few weeks ago and we had 4 conditions in there, and another client bought a condo with 2 conditions last week. That's buyer power right there.”
While Reddy-Choquette urges her clients to keep their expectations at bay when selling a home these days, she also says many are already unsettled as they see their listings sweat on the market.Home prices are still finding support, according to TRREB, with the average price up 3% year over year to $1,119,428 in September.