Toronto Real Estate Market Watch 03/18
It’s finally happened!!! Prices in the Toronto real estate market are down! But wait. That was just February. We’ll be the first to admit, things were getting off to a slow start this year. In conversations with our colleagues and peers, they said they were also feeling quiet.
But in the past week or so we are noticing a big pick up in activity. Buyers are out looking now and there isn’t much to choose from. Sad to say but the past week saw buyers in multiple offer situations again – and we’re talking 7-8 offers on a home, not just 2 or 3.
The dynamic of low inventory and the spring buyers coming out will push home prices back up – especially in the downtown and core Toronto market. Things will likely remain a bit soft in the burbs for a while so there may be some opportunities to get into the market.
As we focused on last month, we don’t believe the sky is falling or the bubble is make a big burst. Unusual circumstances triggered by government policies threw the market into a bit of a roller coaster last year. Further, when you compare values and stats to just a couple of years ago, the difference is not that dramatic.
We are definitely seeing more activity from clients wanting to sell and make a move and lower cost housing such as condos and townhouses continue to realize gains as they hold a bigger market now of potential buyers.
If you’re wondering whether now is the time to make a move, check out our post “Emotions VS. Economics” to get the conversation started.
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