GTA home owners can't afford to wait for more rate cuts | GTA Real Estate 2024

[@jehsennaflor]

It's obvious that many sellers waited for the cuts to list their properties but were probably disappointed with the no-show of buyers. In my opinion, it's much, much easier for buyers to wait to buy (especially while renting is still cheaper than buying in many cases) than it is for sellers who need to sell (especially with the mortgage renewals at higher rates on top of the rising cost of living). Practically, all buyers can wait to buy for as long as they wish/need, but not all sellers have the option to wait. I'm a buyer "on the sideline" and ready to buy with cash since 2022, but the money invested gives a return that is more than enough to cover my rent, and there's substantial leftover to reinvest, so there is really no point in buying at current prices. I don't see myself jumping into the market until prices fall at least 10-15% more from where we are now, and even then, renting is still a bit more attractive as there are no maintenance costs, fees, and taxes.

[@robertmarsigliorealtor]

Really well said. Nothing is ever guaranteed in life, but being patient in this market seems like a great option. Buy if you want to and can afford to, but don't feel pressure to buy now

[@JJDean976]

2.25% target is crazy

[@fawadkarimzaad9016]

Buyers want lower prices

[@robertmarsigliorealtor]

Let's hope they get their wish!

[@KrikitKaos]

I don't want rate cuts. I want rates to go back up and prices to come down.