In the latest monthly Market Watch report (April 5, 2023) from the Toronto Regional Real Estate Board, we deduce that competition between buyers is on the rise; I myself am aware of many multiple offer situations occurring in the sales of low rise homes, especially detached homes, across the GTA, over the past month or so. They’re back.
On one hand, the lowering trend in medium-term bond yields puts pressure on fixed rate borrowing costs to be reduced; on the other hand, we have the increased competition for homes putting an upward pressure on selling prices.
Here are a couple of quotes from the Market Watch report:
“Greater Toronto Area (GTA) housing market conditions tightened in March 2023. Sales accounted for an increased share of listings in comparison to March 2022, suggesting that competition between buyers is on the rise. The average sale price was above the average list price for the first time since May 2022.”
“ ‘Lower inflation and greater uncertainty in financial markets has resulted in medium-term bond yields to trend lower. This has and will continue to result in lower fixed rate borrowing costs this year. Lower borrowing costs will help from an affordability perspective, especially as tighter market conditions exert upward pressure on selling prices in the second half of 2023,’ said TRREB Chief Market Analyst Jason Mercer.”
For the full TRREB Market Watch report, visit: https://trreb.ca/files/market-stats/market-watch/mw2303.pdf
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