8 Friday, September 15, 2023 brooklintowncrier.com Direct: 905 655 7236 Office: 905 239 4800 Eleanor KingEleanor King B. N. B. N. RealtorRealtor Maurice KingMaurice King B.E.D.S., B.Arch.B.E.D.S., B.Arch. RealtorRealtor What others are saying... "Trusted advisor!" | "Customer Focused!" | "Local Expert!" | "Professional!" | "Knowledgeable!" "Hard Working!" | "Accessible!" | "Dependable!" | "Patient!" | "Reliable!" "Well Prepared!" | "Honest!" | "Strong Negotiator!" "Superb Service!" Want to know what's happening in the market? Want to Know the Value of your House? Call Us Now! 905.655.7236 There is no cost or obligation! Your Trusted Source to Buy, Sell or Invest! 905.655.7236 view 1000's of Homes for sale at KingHomeTeam.com or KingOfBrooklin.com MARKETING YOUR HOME FOR ALL IT IS WORTH! Why Didn't My House Sell?Go to KingHomeTeam.com/blog for answers.It's a great time to Buy!Homes are on Sale! Now Under Construction! New Construction For Sale! **Photo similar to house being built Not intended to solicit those under contract. WHAT'S ON THE HORIZON THIS FALL? Prospective homebuyers and anyone with a variable-rate mortgage or balance on a home equity line of credit are breathing a collective sigh of relief following the Bank of Canada's (BoC) announcement on September 6 that it will hold the key overnight rate at five percent. In March 2022, the BoC launched an aggressive rate-hike campaign - increasing the rate 10 times - in a bid to drive down inflation. Before the campaign, the overnight rate sat at 0.25 per cent. Inflation has dropped substantially since it peaked at 8.1 per cent in June 2022, though it ticked up to 3.3 per cent in July 2023 from 2.8 per cent the month before. The BoC has made it clear that it will achieve its two percent inflation target, leaving the door open to hikes down the road. Two more announcements are scheduled before year's end: one on October 25 and the second on December 6. Numerous economists, however, suggest the BoC is likely done with rate hikes thanks to a slowing economy that will bring inflation down to the target rate over time. If you're thinking about purchasing a home, The King Home Team: Royal Heritage Realty encourages you to get a preapproved mortgage to hold the current rate for 60 to 130 days, depending on the lender. As many of our clients have realized firsthand, the benefits of a preapproved mortgage are numerous. Lack of inventory and high interest rates are leading some industry experts to predict a "softer" market this fall. In its 2023 Fall Housing Market Outlook Report, for example, Re/Max Canada predicts some "much-needed relief" from the "sky-high prices" we've experienced over the past couple of years. It expects average residential sales prices to decrease in some regions and to increase by 2.5 per cent in the GTA. After most people put their homebuying plans on hold in the summer, Zoocasa predicts buyers will be back this fall with "renewed energy and focus." The Toronto Regional Real Estate Board (TRREB), meanwhile, is confident there will be "solid demand" for housing in the Greater Toronto Area (GTA). "Record immigration levels alone assure this," it notes. GTA realtors reported 5,294 sales in August 2023 - down by 5.2 per cent compared to August 2022. New listings were up by 16.2 per cent year-over- year, providing some relief on the supply front, but year-to-date listings are still down substantially compared to the same period last year, TRREB reports. The average selling price of $1,082,496 in all TRREB areas remained virtually unchanged in August 2023 compared to the previous year. The average selling price in Durham Region was $930,852, making it considerably more affordable than Halton ($1,230,389), Peel ($1,050,925), City of Toronto ($1,005,945) and York ($1,339,742). Here's the average sales price in Durham in August by municipality: Ajax ($930,852), Brock ($867,550), Clarington ($875,371), Oshawa ($815,098), Pickering ($1,035,231), Scugog ($1,032,464), Uxbridge ($1,228,915) and Whitby ($1,021,163). As the real estate market continues to evolve, it's important to have a seasoned realtor on your side. The King Home Team: Royal Heritage Realty will conduct thorough market research so you know what similar properties in the area have sold for and will do our best to check off all your must-have boxes within your budget. The King Home Team has the last phase of new build homes in central Brooklin for sale. Please contact us and learn more. We also invite you to visit www.kinghometeam.com for a longer version of this article with additional information about how a pre-approved mortgage can better prepare you for today's market. Search 1000's of Homes. Find SOLD details in your neighbourhood at search.Look4DurhamHomes.com New Construction For Sale! Thinking of Making a Move? Call us for similar results! 905.409.6730 SOLD Fernway Model with Pool