Is the Real Estate Market Changing in Toronto?
Many people are concerned about what is going on in the market and overwhelmed by all the percentages, numbers and information that media is throwing out. While it is a reality that the market is shifting, we’re far from having a real estate market that is going to crash and cannot assume that because the United States faced a crisis that ultimately lead to a global financial crisis, we are also going to face one. Not without having the right information at hand. "It is common to see an adjustment in a market", even more in one that has been so active during the past years and in which multiple offers were present at the time of purchase. The fact that such amount of offers are not present nowadays and that properties, specially condos, are taking more days to sale does not imply that we are in a real estate crisis, nor "can we take one month of data to predict the market. As a fellow agent stated and I quote "There is nothing wrong with properties being sold within Protected content , we have been just spoiled and the fact that condo sales in the GTA are down in the first half of September compared to that same period in Protected content not enough data to make a final assumption.
What we are finding today is a market with more serious and informed buyers. The buyer today is more cautious than he/she was during Spring or Summer Protected content I find it to be a relieve for us as Realtors to be able to actually give a sales speech and realize that buyers are actually listening to you, not the same for sellers though YET.
Prices are starting to balance making it a good time for buyers to approach the market and make purchase decisions given also that more properties are available. Properties are in some way reaching they’re true market value and some of those that are being taken off the market are because they were not in it at all since the beginning either. Some sellers were just expecting to obtain a "big bonus" above asking and now that some of them can’t they’re just postponing the sale of their properties waiting for some sort of magic to be made for prices to come back to what they were at the beginning of the year.
In summary, we strongly advice for you to inform and educate yourself about the market before actually believing what the news have to say. It is a fact that they have been wrong for a long time and this time it might not be different. It's not that you don't believe, it's just that you have to be smart enough to look for advice from the right sources. We will be more than happy to assist you in any regard and supply valuable information that will help you make a wise final decision.
Have a wonderful day!
Real Estate Sales Representative