The 6,379 TREB sales in September, while not the 9,800 of a year ago, are a good indication that the market is healthy and that there is strong demand for homes. Unfortunately our society is one of the following others, and so quite a number of people who were prepared to pay unreasonable prices for homes in March are now waiting to see what happens to the market before they jump in.
While the market is on average still a sellers’ market with three listings for every sale, there are some market areas where there are six listings for every sale and the condominium market with less than two listings for every sale, resulting in multiple offers and prices increases. Condominium apartments on average have increased 23% since the start of the year.
Good news, bad news! (In the Toronto market)
The good news for buyers is that while the inventory of homes is not huge, it’s certainly better than it was earlier this year. Those buyers who have purchased or who are purchasing today do not have the pressure of the multiple offers (a well-priced property still receives multiple offers!) and the heartache of losing sales as they did at the start of the year.
The bad news is that the prices that we had in March were an anomaly (at the current time) and on average prices came down 20% from March of this year, (still up 15 % since December 2016).
Many potential sellers are waiting or holding on for prices to return to the high levels of March before they sell. There is logic in that decision if they are moving out of the country or planning to rent. However the majority buy another property. Waiting for prices to go up makes no sense since whatever increase they have in the value of their home, will occur in their new home as well.
As always, market knowledge and experience ensures a favorable outcome. That’s where I come in if you’re thinking of buying or selling or know of someone who is, give me a call let me put my experience and expertise and the power of RE/MAX behind you!
If you have any questions please feel free to give me a call, after all you do have a friend in real estate!
Sam Wadhwa (Broker Of Record)
Neelam Wadhwa (Sales Representative)
Your Friend in Real Estate.