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The Bank of Canada held the key interest rate steady at 2.75%. While it’s not the rate drop many were hoping for, it’s still 2% lower than where we were last June. Combine that with lower average home prices, and the carrying costs on a new property are far more manageable than they were two years ago. With so much inventory on the market, it’s a great time for first-time buyers or investors to take a serious look.

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The May numbers from the Toronto Real Estate Board reveal it’s absolutely a buyer’s market, and TRREB had a positive spin on their press release (GTA Homebuyers Benefited From More Listings in May).

The May real estate market brought no real surprises, just more of what we’ve been seeing for the past few months. It’s not unusual to see 50+ homes hitting the market on any given day, with only ten to fifteen sales being recorded. At the same time, the number of showings across the board is down considerably.

So what’s driving this? Buyer confidence, or lack of it, is playing a huge role. Even with interest rates holding steady, people aren’t necessarily rushing into the market. Some are betting that we’ll see a rate cut before 2026, but others aren’t so sure. The result? Buyers feel like they hold all the power and are perfectly comfortable waiting it out if they don’t see the right deal. If the deal’s not great, many are simply waiting for something better.

Despite all this, I expect we’ll see sales numbers creep up slightly this month, simply because it’s that season when people think more seriously about making a move. But don’t expect prices to rise. Inventory levels should stay high, and while prices may soften further, I’m not predicting a major drop.

What is selling, you may ask?

You have to be in the sweet spot of a totally renovated home in a key neighbourhood. I’m still seeing lots of showings in Riverdale and other very popular and high-demand neighbourhoods. Offer dates being set which oftentimes, result in multiple offers. But elsewhere, nobody’s showing up on offer night. And how about condos? Well, they aren’t showing much movement but there definitely are still some sales being recorded. Sadly, just not as many as most sellers would hope for.

Right now, there’s an opportunity for buyers to get into a home at a price that would have been unthinkable a year or two ago. Sure, the home you’re selling might not fetch what it would have back then either, but in a down market, moving up makes more sense. If everything’s down 10 percent, your loss on the sale is more than offset by the savings on the purchase of your next home.

So what does this all mean? There are deals to be had, but we’re also seeing consumers pull back, hesitant to make a move. They’re hanging on to their money, watching the headlines, and waiting for a sign that NOW IS THE TIME. The truth is, you can’t time the market. You’ll only know when a market has hit bottom after prices have started to rise. But if you buy smart and hold onto your property for a while, you’ll still come out ahead.

Thinking about making a move while the market is in your favour? Let's talk about your options and how to take advantage of today's conditions. Reach out anytime.