Every month in my newsletter I attach a map of York Region (see below) with the latest statistics from the Home Price Index, published by the Toronto Real Estate Board. I'm sure you are all heard the latest news about how the real estate market is chaning, prices are dropping and interest rates are going up. But, according to the home price index below you can see that statistically prices are still up from June 2021. TREB provides these statistics to realtors monthly in what is called the Market Watch Report. The Home Price Index (HPI) uses comparable properties , ie. compares a 4 bedroom, 2 car garage home to another 4 bedroom, 2 car garage home, and analyses how prices have changed (up or down) , year over year. In other words, they are analyzing the stats to show you percentage change from June 2021 to June 2022. TREB also provides us with tools that allow us to examine neighbourhoods and also a particular address based on the original purchase date and today's date. These Stats are helpful to see how the market is changing and a very useful tool to help us to analyze values in today's every changing market.
If you are thinking of selling then please don't hesitate to reach out for a free Market Analysis of your market value. Predictions are that home prices will continue to decline, especially in these turbulent times.
If you are buying and selling in the same market, there is nothing to worry about. You will be Selling for less but you will also be buying for less. but, the best time to sell and downsize is now. The best time to sell and upsize might be in a few months as I predict that less expensive homes will retain their values better than anything over $1.3 million.
If you are a first time buyer, then you might find some great deals our there right now. But, be aware that Interest rates are predicted to continue to go up. Therefore, if you are holding back waiting for prices to drop further, you need to balance the increase in rates against a possible lower price.
Contact me if you would like to know more about the best times to buyer or sell. We are always here to help you make the best decision.