Market Commentary September 2023

*Featured property: Unmatched Elegance. Nestled on a sprawling 100x200ft lot, this carefully curated masterpiece redefines luxury living.*
*8374 Dickenson Road East. Hamilton, ON | Beds 4 | Bath 5.1 | Total square footage of 6,737*

Despite increased borrowing costs, there are always great opportunities to buy real estate. Currently in the TRREB and RAHB markets we are seeing 3 + months of inventory. To put this into perspective, during the 2 years of the pandemic inventory was at about 1 month of supply. So with more homes on the market, as a buyer you have more selection and better bargaining power.

For those buyers who are still wondering if it's the right time to buy, keep these 3 points in mind:

1) Yes, you are paying higher interest rates today, but in many cases prices have softened from 2-12+% depending on the area and property type, and a lower purchase price results in a smaller mortgage amount.

2) When interests rates do go down, there will be a rush of buyers back on the market that will only increase competiton and drive prices higher.

3) It's impossible to time the market, the right time to buy is always when you are ready and can afford to buy.

Have questions about buying in todays market? Let's have a conversation.

Have a wonderful day!

Stella McCollum