How has the North York real estate market done over the past year?

The GTA market is down across the board from the high in early 2022 as a result of the rate hikes from the Bank of Canada. At the same time, prices are still well above pre-pandemic levels and we’re seeing them start to reverse course already with prices increasing in Q1 2023. The market has been steadily picking up over the months in the first quarter of 2023 as buyers seem to have come to terms with the current rates and have adjusted their financial plans accordingly. Listing numbers are up compared to this time in 2022 as many sellers want to have their homes sold before the peak summer months to take advantage of warm weather and vacation time. Typically spring is the most active season of the year, before sales and listings drop off in the summer as both buyers and sellers enjoy the summer months, prepare their kids for the school year, etc. If you’re looking to buy, generally the spring is a great time to buy for that reason as sellers can be in a rush to sell, so you can find a home at a great price.

What factors do you see impacting the market?

Buyer competition is back and in full swing as inventory is getting bought up. The relative strength of buyers and how they approach their offers matters more. For someone looking in the market right now, completing the appropriate due diligence and coming up with the right game-plan is key to winning offers in the current market. As for specific factors I’ll be looking to for future price movement, the next Bank of Canada interest rate announcement in June comes to mind first. The summer months could bring inventory levels down even further, leading to increased competition among the buyers. What I’m seeing is that properties with top-to-bottom contemporary finishes are winning buyers over and seem to be the ones that buyers’ are fighting for, as renovation costs including materials have stayed high. Overall it seems that there are more people looking to buy in 2023 compared to 2022, which comes as no surprise with the massive rate hikes we had last year.

Where do you see the market going in the future?

Here’s my forecast for North York in the near-term. The summer months ahead will likely bring inventory down again and drive up competition further for buyers who are already looking at a limited supply of properties. The June Bank of Canada announcement could affect prices slightly depending on whether they decide to hold rates steady again. With that being said, I believe a small hike is unlikely to slow the market down due to continued demand from buyers at this price point.

What advice would you give to someone thinking about buying in North York?

Location in North York is very important, get up to speed with the neighbourhoods and work with a realtor to find the right place for you. The ideal locations for long term resale value in North York include ones within a 1.5km radius (short walk) to a major TTC, subway line, highway, hospital or school.

Oshawa, ON real estate market outlook 2023

Q: How has the market responded to the rate hikes from the Bank of Canada?

Lower inventory than demand is still playing the strongest role in buyer activity. With buyers feeling that the end to the rate hikes is near, they’re scooping up the homes that are available while the market is still somewhat down due to high rates. At the same time this is causing some more competition in the market as supply begins to get bought up and if the rates start to come back down, the market could heat up fast. Despite the modest selection of home inventory that is available, the homes for sale are still up considerably from last year, with many sellers willing to take the “hit” on the selling end in order to take advantage of the cost savings on a home purchase through the buying end. In other words, homeowners are rushing to sell so they can enter into the buyers market while it still lasts.

Oshawa, ON real estate market outlook 2023

Oshawa is conveniently located just east of Toronto, making it a prime choice for commuters who want to enjoy suburban life while staying connected to the job market of the GTA. The city is easily accessible via major highways, including the 401 and 407, and is conveniently serviced by GO Transit giving commuters a direct route to the downtown core of Toronto.

We sat down with our realtor partner Desiree Wilson to give us an outlook on the Oshawa real estate market for 2023.

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Here’s how the Oshawa real estate market has fared in 2023

The Oshawa, Ontario real estate market was experiencing positive growth and had become a popular destination for homebuyers looking for more affordable housing options compared to neighboring cities like Toronto. Here are some key trends and factors I’ve seen reflected in the Oshawa real estate market, year-over-year from 2022 to 2023:

Price Appreciation: Oshawa had been witnessing steady price appreciation in the years leading up to 2023. It was becoming a seller’s market, with increasing home values.

Population Growth: Oshawa’s population had been growing, partly due to its proximity to Toronto and its appeal as a more affordable place to live while still offering access to urban amenities.

Increasing Mortgage Interest Rates: Low mortgage interest rates of 2022 were encouraging buyers to enter the market, boosting demand for homes. In the past year the Bank of Canada has increased the interest rates multiple times.

New Developments: New housing developments and communities in North Oshawa were being built to accommodate the growing population, including single-family homes and condominiums.

Inventory Levels: Inventory levels and housing supply could impact the market. A shortage of available properties can drive up prices and create competition among buyers.

Commuter-Friendly: Oshawa's location with easy access to highways and commuter rail services to Toronto made it attractive to those working in the Greater Toronto Area but seeking more affordable housing options.

"Keep in mind that real estate markets can change over time, and various factors can influence the market's performance from year to year. For the most accurate and up-to-date information on the Oshawa real estate market in 2022-2023, I recommend reaching out to a local real estate agent who can provide you with specific data and insights for that period." says Desiree.

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It is essential to understand that the real estate market's behavior is the result of a complex interplay of various economic, social, and political factors. The interest rate adjustments are just one aspect of a broader landscape that includes supply and demand dynamics, regulatory changes, economic growth, and consumer confidence, among other factors.

How has the market responded to the rate hikes from the Bank of Canada?

While homeowners who went with a fixed rate mortgage are unaffected by the recent rate hikes, those with variable and adjustable rate mortgages are feeling the heat. The consistent rise in interest rates has been tough for mortgage holders and in some cases is challenging their ability to meet their monthly payments. If we see rates keep rapidly appreciating we may start to see prices drop as homeowners are forced to sell their properties.

Luckily the Bank of Canada has paused rate hikes for the time being as of the latest interest rate announcement in September. Analysts are predicting that this could signal the end of rate hikes for the time being until an eventual reversal in policy sometime in 2024.

Check out our interest rate forecast for an up to date outlook on the mortgage market, including where our analysts predict rates will go over the next 5 years.

Thank you to Desiree Wilson for these insights into the Oshawa market. If you’re looking to buy in the Oshawa area, reach out to Desiree for personalized advice and an expert realtor.

You can reach Desiree here:

dealyourdesire@gmail.com

647-993-5449

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Oshawa, ON real estate market outlook 2023

Oshawa, ON real estate market outlook 2023

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Here’s how the Oshawa real estate market has fared in 2023

Today's best mortgage rates:

How has the market responded to the rate hikes from the Bank of Canada?

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Oshawa, ON real estate market outlook 2023

Oshawa, ON real estate market outlook 2023

Try our mortgage search engine:

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Here’s how the Oshawa real estate market has fared in 2023

Today's best mortgage rates:

How has the market responded to the rate hikes from the Bank of Canada?

Compare thousands of mortgage offers in less than a minute

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