We are almost a month into 2019 and it feels like the Toronto real estate market is getting a fresh start. As we enter a more balanced market, the discussion is still about the lack of inventory. We are all watching for signals that buyer sentiment will heat up. In recent months home price growth has faltered, mortgage rates have risen to their highest point in nearly eight years, and favor has started to shift from seller to buyer.
Ah January. The month of new beginnings as we all wait for the real estate market to take off. Generally speaking January is a slow month for new listings and the weather has been kind to us, but research indicates that listings in the freehold sector have backed off substantially from a year ago while demand has not wavered. The Bank of Canada decision to hold its benchmark interest rate steady, and RBC lowering its mortgage rate 15 basis points yesterday with likely more cuts to come, has given some people hope they'll be able to buy or trade up.