Looking Forward to the Fall Market
There was a definite lack of inventory this summer as sellers held off, hoping to return to 2017 prices. Trying to time the market is always tricky. “Past experience has shown that markets begin to stabilize after about four to six months following the implementation of major changes to housing policy,” says Derek Burleton, TD’s deputy chief economist. Prices are not expected to quickly return to previous levels however, especially in light of the gradual predicted Bank of Canada interest rate increases and possible continuing NAFTA tensions. This summer, with so little on the market, homes that did risk going to market often actually did well with eager buyers and two months of positive growth.
After weaker spring listing numbers, experts expect sales to pick up this fall, traditionally the second busiest season in the city. I’ve already been involved in several bidding wars and it’s still a sellers market in Toronto with buyers definitely outnumbering sellers. I have a lot of buyers in waiting, eagerly looking forward to seeing all the new fall listings coming out. Happily, it’s.a more stable market with homes right now. Jason Mercer, TREB’s Director of Market Analysis is quoted as saying “it appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market. Home buyers in the GTA recognize that ownership housing is a quality long-term investment,”. If you are thinking of selling, now is a great time to move forward but it’s important to still down with a knowledgable agent who knows the market to help you plan your attack.
In other Toronto Real estate news, sold prices are now available online on passworded VOWs (Virtual Office Websites) after a Supreme Court of Canada ruling that TREB was being anti-competitive in not allowing members to display home sale data. What this means for you is that you will now be able to find out information such as home sales prices, house history and property market trends in a neighbourhood.
In my opinion, better educated buyers and sellers is a win for everyone. I do wonder if it will lead to a slight increase in exclusive sales. In the Lawrence Park neighbourhood, lots of homes are already sold that way and at Sotheby’s we are privy to many gorgeous listings that never hit MLS. Give me a call at 416-258-8781 if you’d like to receive exclusive listings for your neighbourhood, or email me: alysa@kimhomes.ca.