If you're keeping an eye on the Toronto housing market, you've probably noticed some changes lately. Rising interest rates have made borrowing more expensive, and you might be wondering what this means for you. Don't worry, you're not alone! A lot of people are questioning whether now is the right time to jump into the market or hold off for a bit.

August's numbers show that home sales have dipped slightly compared to last year. But here's a silver lining: new listings increased by over 16%! That means if you're a buyer, you've got more options to explore. At the same time, if you're a seller, don't rush into lowering your price. Some sellers are holding firm and still finding buyers. Curious about prices? The average selling price has stayed pretty much the same compared to last year, hovering around $1,082,496. While some are hesitating due to increasing borrowing costs, others see this as a chance to negotiate a better deal. Either way, it's a fascinating time to be part of Toronto's dynamic housing scene! But what about the future? Immigration rates are hitting record highs, and this is expected to keep the demand for both rental and ownership strong. However, government policy hasn't quite caught up with this population growth. You might be wondering, "Will there be enough houses for everyone?" The truth is, unless more homes become available, we could face challenges that affect affordability and even our competitiveness on a global level. What can you do about it? If you're a first-time homebuyer, keep an eye out for potential changes to the municipal land transfer tax rebate, especially with Toronto considering raising taxes on properties over $3 million. This could bring some relief to young buyers like you! So, whether you're buying or selling, the current market offers both challenges and opportunities. Stay informed, stay engaged, and remember: who you work with matters.