Real Estate continuing to soften in Southern Ontario
The data is in and compiled for the month of July, for all regions of Canada. Niagara (the red line, below) prices softened 4.9%, Greater Toronto(the blue line, below) to a lesser extent. Based on this data, house prices in both markets (and in general, Southern Ontario) have fallen to where they were in late Fall 2021. With interest rates having risen back to normalcy, it's unlikely that house prices will return to the March 2022 peak levels anytime soon. As a seller, it's important to bear in mind that house prices are still dramatically higher than they were 3 years ago, so there is still plenty of equity gain for you to take advantage of when selling your home. As a buyer, you can take comfort that the days of holding offers, bidding wars, etc. are gone, and that you are in a reasonable negotiating position.