Toronto Real Estate Board members reported the sale of approximately 8,000 homes which while a very healthy number was not as high as the average April market. The two chief reasons being the changes in the mortgage qualification rules, and the extended winter weather we experienced. These two factors created a wait-and-see attitude in the mind of the average buyer, resulting in fewer than average sales. I expect the turnaround will come this month as more buyers jump into the market seeing that in fact prices are slowly increasing and also the news out of Vancouver that prices have increased after similar government intervention caused prices to drop initially.
I truly believe that a year from now a lot of people will be sorry they did not get into the real estate market because prices will continue to rise. The condominium market is one great example, as prices have increased from last year and continue to rise due to strong demand. (It’s still a great investment vehicle you should consider!)
Toronto’s economy, immigration and confidence have not changed and I expect May 2018 will see a big jump in sales as buyers who have been waiting on the sidelines jump into the market.
If you are considering buying, please decide as quickly as possible as I believe prices will start increasing in May. Give me a call and let’s talk.
If you have any friends who considering buying or selling please give me a call I really appreciate your referrals!
Have a great May!
Sam Wadhwa: Broker Of Record
Neelam Wadhwa: Sales Representative