The Toronto and GTA real estate market has inflamed over the past 15 months of the pandemic. Prices drove up causing highs for sellers who benefited from bidding wars and lows for buyers who either couldn’t afford the mark-up or took on bigger mortgages.
But over the past six months, there’s been a slight shift with things cooling down ever so slightly.
We’ve seen incredible highs for sellers, who’ve been positively giddy with excitement over bidding wars and properties selling for vastly more than list price.
Between April and May of this year, home sales dropped around 13% in the GTA. And while hyper-local markets can differ there is a definite down-slope across all of Canada.
So what is happening in the real estate market today?
Well, the strong demand for ownership housing across the GTA in ground homes and condominiums was powered by the rising market trends and low borrowing costs. But because this is an abnormal time with the pandemic, normal paces of population growths didn’t keep up – explaining the pullback over the past few months.
This means that people who were actively trying to buy a home are facing fierce competition from other buyers, causing a strong surge in selling prices. And the competition isn’t slowing down. Especially when it comes to condominium apartments.
So what is your best course of action? Patience. Patience is a virtue, and getting the right kind of consultation and help, can save you from making costly mistakes down the road.
Because no matter how trends are moving, hyper-local markets within the GTA have their own ups and downs that offer more opportunities. And even though sales have been easing up a little – there is no sign that prices are going down anytime soon.
For professional advice, contact Alaa Yousif for a free consultation.
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