Be Prepared for Opportunities in 2023
Toronto real estate board members sold 4544 homes in November. In an average market, we would expect about 6,000 homes to be sold, so while we are down from that number it’s still a pretty good month given the multiple increases in borrowing rates. The number of available homes for sale remains very low at just under 12,000 which is maintaining current prices levels. As of November 30, the average price of a home sold is $1,195, 945 compared to January 1,2022 where the average price was $1,095,333.
Premier Ford’s recent statement that 3,000,000 new immigrants are expected into Ontario over the next 10 years, highlights the bright future of home ownership. Despite the government’s many plans of increasing housing supply such as the More Homes Built Faster Act, I am not overly optimistic that the good intentions will result in the results we all hope for. The bureaucracy and red tape of City Hall moves very slowly to make changes!
The 4544 sales in November and the expected 4,000 home sales in December highlights the fact that those people who can qualify under the higher mortgage rates are taking advantage of the lack of competition and are actively buying homes.
I believe that if one can qualify to buy, there should be opportunities in the new year. Whether buying that bigger property or purchasing an investment property, 2023 is the opportune time to explore those options.
All the best over the holidays season and health and happiness to you and your family in 2023.
Happy New Year!