In line with the recent TRREB market report, September brought good news for both buyers and sellers. Home sales went up by 8.5% compared to last year, with 4,996 homes sold. There were also more homes on the market, with 18,089 new listings—a 10.5% increase from last year.
Home prices dropped a bit, with the average price at $1.1M, down just 1%. This small dip, along with lower interest rates, makes it easier for buyers to get into the market. First-time buyers, and those looking for condos or townhouses, will find great opportunities.
Mortgage rules have also improved, letting homeowners look for better rates without going through the stress test again. Longer amortization periods and the ability to insure mortgages over $1M also give buyers more flexibility.
Overall, the market is balancing out, creating benefits for both buyers and sellers.
Take a look at the full September market overview charts below:
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