You’ve seen the media headlines and know that housing data over the past several months suggests more than just a shift away from the insanity that was the Toronto Real Estate market a few short months ago. Are we experiencing a correction? Is it a blip? What does this mean for would-be Toronto Home Buyers?
Let’s recap: since April we’ve seen the implementation of the Wynne Government’s Fair Housing Plan, followed by an onslaught of listings – many from upsizers who bought new homes in the Spring and then needed to sell their old homes. By the time summer arrived, would-be buyers began experiencing some trepidation as the frenzied sellers’ market began to shift, media headlines warned of an impending housing correction, interest rates increased for the first time since 2010, and the seasonal summer slow down began to set in.
So buyers are now left wondering.. what should I do? Should I buy now or wait for the Fall to see if prices come down further?
My advice to buyers is consistently honest: “buy when you can”. It depends on your circumstances, but if your financing is in place and you’re ready to buy, you will have better luck “finding a deal” now by negotiating with a motivated seller.
If you’ve “hit pause” and are “waiting to see what happens”, there’s no need to abandon your dreams of home ownership. This might be your window of opportunity!
Here’s how Buyers can prepare for the Fall market:
1) New listing inventory will hit the market shortly after Labour Day, so see your mortgage broker/lender now to get pre approved and lock in your rate.
2) If you aren’t already working with an agent, hire one now. This is how, and why. The search process can be time consuming, so the earlier we get started, the better.
3) Expect a more balanced, less frenzied, reasonable process this Fall. Be prepared to act quickly if you’re in the market for a move-in ready home in a desirable location. Competition remains fierce in some neighbourhoods.
4) Expect more “appropriate” pricing from sellers with asking prices more reflective of market value.
A good real estate agent will bring experience, expertise and insight to the buying process and guide you through to the best possible outcome. Are you ready to start your home search? I’m happy to help you find a home you’ll love for the best price possible.
Thanks for reading,
Alex