It’s been more of the same through October in the city's real estate market. There was an abundance of new condo listings which I suspect is largely due to higher borrowing costs.
A common theme I’m hearing from landlords is that the rent they’re collecting is nowhere close to covering their costs, and in many cases it’s costing them thousands per month to stay afloat. Of course, you won't hear many tenants shedding a tear for their landlords!
The freehold market remains fairly balanced with the odd multiple offer scenario still occurring — if the home presents itself well and is most importantly priced correctly. I suspect things will really start to quiet down from now until mid-January, as people shift their focus away from real estate and onto the holiday season.
With that in mind, it's a great time for buyers to stay focussed on the market as these next few months are when you'll see some “deals” occur! - Andrew
