Toronto Condos

Some recent shots I took while showing condos around the city

The interest rate hikes seem to finally be showing an impact on the market. After the rate hike in June 7th the market started to feel a little different.

The condo market was the first to feel the effects with inventory rising and sales slowing down. Things were looking good earlier in the year when Month’s of Inventory dropped below 2 but that trajectory has quickly changed and we are sitting at almost 4 month’s of inventory in a short time. Those who don’t need to sell will do quite well in the hot rental market, but those who do need to sell will likely see prices below the peak.

The freehold market has also seen an increase in inventory, but I suspect this has mostly to do with seller’s chasing older pricing with a lot of over-priced listings sitting. Properties that are priced will are still moving very fast with a decent amount of interest.

*The view expressed above are my own and do not necessarily reflect those of my brokerage.

Looking for an awesome condo to buy or rent? Check this one I have listed at 15 Windermere just a block from the lake!

It’s hard to believe this, but prices actually rose last month when compared to both the previous month and same period last year. Sure, it was only by about 1% but when everything in the news these days seems very doom and gloom, somehow prices are holding stable.

The biggest takeaway from the data this month is that sales are down significantly which means not only are there less buyers, there are also fewer people wanting to list right now with new listings down by 21%.

It is a bit of a strange market, but my prediction is there will be a bit more pressure on pricing with condos over the next few months with Month's Of Inventory almost a month higher than the detached market right now but overall the market seems to be somewhat stable despite all the interest hikes.