By: Desmond Brown
A traditional spring market?
Tags: Buyers, Sellers, First Time Home Buyers, Toronto Real Estate, In the News, City of Toronto
The headlines are saying sales in the Toronto real estate market are down by up to 35% compared to this time last year. That number looks huge, but we all have to remember the market a year ago was off the charts until the provincial government implemented cooling measures such as the tax on foreign buyers and new federal mortgage rules.
This first few months of 2018 have still been steady as we're seeing a shift to a more traditional spring market with an increase on listing inventory and overall stable prices.
Here's what I've noticed :
- It's all about location as good homes in great neighbourhoods are still getting multiple offers and in many cases are selling for more than the asking price.
- There were still many situations where buyers were able to negotiate a price with sellers and the homes sold for under the asking listed price.
- The entry-level market of under $800,000 is still going crazy. This price category includes the condo market, which has seen considerable gains in price over the past few months.
Overall, things are starting to balance and we're returning to normalcy where buyers actually have a chance again without feeling like they've overpaid or been taken advantage of.
If you need any further information about our current real estate market, please feel free to get in touch.
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