Real estate levelling out?
As per the latest October House Price Indexes, Toronto and Niagara real estate prices seem to be levelling out.
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October Stats: Niagara Region and GTA
The decline in Real Estate prices is slowing to a halt! The October numbers are promising for home owners - the market is finally stabilizing after an ~8 month slide from March 2022. In Southern Ontario, the Greater Toronto Area is the largest driver of Real Estate. In October the average sale price held against September, which suggests the price correction is over for the GTA. In Niagara, there was a 1.3% drop in month-over-month prices, which is a modest decline compared to the ~4% monthly drops we were seeing previously. As the GTA price stabilization lingers, and interest rates remain higher than many homeowners want to (or can) pay, Niagara may expect to see a strong resumption of buying from GTA sellers. The average house in GTA sells for $450,000 more than in Niagara - this equates to (at current interest rates) about $2,900/month difference in payments. This is a massive incentive for those that can and want to move out of GTA!