In a recent Globe and Mail article discussing the state of Toronto’s real estate market, Cailey Heaps of the Heaps Estrin Team offers invaluable insights that mirror the uncertainty surrounding interest rates in the market.
Key Takeaways
- Interest rates remain a significant factor contributing to market uncertainty.
- The Greater Toronto Area (GTA) is expected to see a balanced market this fall and winter.
- Supply constraints continue to influence home prices.
Balanced Market Expected
According to industry experts, the GTA real estate market is anticipated to remain balanced in the upcoming months, unlike the heated market witnessed earlier in the year. This prediction is in line with the Royal LePage house price survey, which foresees flat growth in housing prices for the remainder of the year.
Uncertainty in Interest Rates
The Bank of Canada has announced that the current interest rate of five percent will hold. However, the possibility of future rate hikes keeps the market in a volatile state.
Insights from Cailey Heaps
Cailey Heaps, a broker with Heaps Estrin/Royal LePage in Toronto, weighs in on the market’s direction. She forecasts a shorter fall market starting the week of September 11, with a quieter period beginning at the end of October. “I think that we’re going to see an increase in volume coming to market in September. I know that personally, we’re bringing 35 listings out, about $110 million in value,” she adds.
Heaps also emphasizes the need to focus on other influential factors, such as the increase in land transfer taxes and people’s personal motivations to move, which go beyond interest rates.
The Heaps Estrin Perspective
From our viewpoint, the industry’s current trajectory calls for strategic planning and a comprehensive understanding of market trends. The volatility in interest rates and supply constraints emphasize the need for expert guidance.
To read the full article and gain a comprehensive understanding of the market, click here to read the complete Globe and Mail article.
Disclaimer: All statistics and insights are based on the Globe and Mail article published and the TRREB August 2023 Market Watch report.
