End of year wrap-up
Another year is nearly at an end for the Toronto housing market. How will this year stack up? Probably, not as well when compared to previous years. However, despite the slow down in the market, prices did manage to eke up by 0.3% this year according to the Toronto Housing Market report.
Although Toronto realty has been sluggish in 2023 and rising interest rates have impacted demand and affordability, many news outlets are now predicting that interest rates will be cut starting mid-2024, which will positively affect the housing market. Although lower interest rates should help bring demand back up, with housing prices expected to rise with the pent-up demand.
While it might be a challenging time for those hoping to jump into the market or to simply move – either up or down – there is one piece of advice that will ring true every year – purchasing a home over the Holiday period and into January is when you will likely get the best deals. Most homebuyers are too busy with the festive season to bother with house hunting and buying. Then, typically January is also a very slow month due to weather and recovery from the holidays. So, if you are in a position to bid on a place and were just waiting for the right time, now might just be it.
If a house has been on the market for more than a few weeks, then chances are they will be willing to negotiate. And, remember, it isn’t always price that can be negotiated. Many other factors involved in a home sale can be discussed during the transaction including:
- Closing costs
- Closing dates
- Deep cleaning
- A home warranty
A good realtor will be able to strike the right balance so that all parties walk away feeling satisfied.
Whatever the new year brings, we here at Imaginahome, hope that it brings all of you happiness, love and the house of your dreams!