Published July 29, 2020
3 Changes in Our Market You Should Know About
Here are three changes in our 2020 market that you need to know about.
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The more the economy reopens, buyers and sellers are asking about what changes they can expect in the market. Three changes in particular are worth noting:
1. Interest rates have dropped. In April 2019, interest rates hovered around 4.2%, and no one thought they would get any lower. Today, however, they’ve dropped all the way down to 3.2%. They’re starting to creep back up again, but they’re still historically low. If you’re thinking about purchasing, now is a great time to get into the market and take advantage of our great rates.
2. The peak listing season has shifted. Normally, new listings steadily increase from January to May, the peak month, and then slowly taper off. Due to COVID-19, however, the peak season has now been delayed to June through July. Afterward, listings should once again taper off. If you’re thinking about selling, get your home on the market now to take advantage of the peak season.
3. The year-over-year median price has increased from $838,000 to 897,000. This is a pretty steady increase, but we don’t know what will happen in the future.
If you have any questions about these changes to our local GTA market, feel free to reach out to me. I’d love to help you.
