Toronto Real Estate Flips to Buyers Market: September Update

#TorontoRealEstate #GTARealestate #CanadianRealEstate

Toronto real estate flipped to a ‘buyers market’ in September, with a flood of new listings and relatively few sales. With so many listings showing up on the market the dynamics of purchasing a home are changing, as buyers are now selling their home first, and then entering the market once their down payment (and financing) have been secured.

Links:

TRREB Marketwatch – September 2023:

https://trreb.ca/files/market-stats/market-watch/mw2309.pdf

Toronto real estate plunges into 'buyers market' as sales slow and listings surge:

https://ca.finance.yahoo.com/news/toronto-real-estate-plunges-buyers-103642471.html

September surge in real estate listings forces Toronto sales-to-new-listings ratio to levels unseen since financial crisis:

https://www.thestar.com/business/september-surge-in-real-estate-listings-forces-toronto-sales-to-new-listings-ratio-to-levels/article_a771e2ec-82f6-5532-8a43-82138fe9858a.html

For Toronto sellers, the current market is ‘deadsville’:

https://www.theglobeandmail.com/real-estate/toronto/article-for-toronto-sellers-the-current-market-is-deadsville/

New tactics in an unsettled real estate market:

https://www.theglobeandmail.com/real-estate/toronto/article-new-tactics-in-an-unsettled-real-estate-market/

Bank of Canada warns of inflation 'feedback loop':

https://financialpost.com/news/economy/bank-of-canada-warning-inflation-feedback-loop

Consumer price index portal:

https://www.statcan.gc.ca/en/subjects-start/prices_and_price_indexes/consumer_price_indexes

Policy interest rate:

https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/

Marketwatch 2009:

https://trreb.ca/files/market-stats/market-watch/mw0901.pdf

Interest Rates: Immediate Rates (24 Hours): Prime Rates: Total for Canada: https://fred.stlouisfed.org/series/IRSTPI01CAM156N

New data shows hundreds of condos flooding Toronto’s home resale market as investors sell off and get out:

https://www.thestar.com/business/new-data-shows-hundreds-of-condos-flooding-toronto-s-home-resale-market-as-investors-sell/article_971ffc58-7c01-5eb2-a02e-1cc5da22d09c.html

Couple ordered to pay $470,000 after reneging on Ontario home deal:

https://www.thestar.com/news/gta/couple-ordered-to-pay-470-000-after-reneging-on-ontario-home-deal/article_5e212592-ad11-5ba5-ba33-c5aeb1ce988d.html

Real estate investor ordered to pay close to $1M for backing out of B.C. property deal:

https://www.cbc.ca/news/canada/british-columbia/real-estate-investor-ordered-to-pay-close-to-1m-for-backing-out-of-b-c-property-deal-1.6693167

Ontario woman ordered to pay $600,000 to home seller after backing out of bid in wake of foreign-buyers’ tax:

https://www.theglobeandmail.com/canada/article-ontario-woman-ordered-to-pay-600000-to-home-seller-after-backing-out/

‘The mortgage-rates screws have tightened significantly’: BMO senior economist:

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-the-mortgage-rates-screws-have-tightened-significantly-bmo-senior/

Canada 5 Year Government Bond:

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

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