The big story through September and into October has been the amount of new inventory to hit the GTA market — especially in the condo sector. Condo buyers have more choices than ever and thus units are taking longer to sell. In my own business, I've noticed that buyers are far more patient and are looking for the perfect place before pulling the trigger. I cannot stress enough that overall marketing (repairs, staging, photos and pricing) are more important than ever!
The increased borrowing costs have no real end in sight. Some experts say it may be mid-2024 before we see a plateau, or the start of minor reductions in interest rates. Until then, I suspect the condo market especially will remain in the buyer's favour.
Wishing you a great thanksgiving! - Andrew
