The first six months of 2017 has brought a substantial shift to the Greater Toronto Area’s real estate market. Government policies, together with market activity, is causing a shift from a strong sellers market to a more balanced market. We all see that there is now more inventory available and properties, for the first time in a long time, are sitting on the market past offer dates.
It’s not all a bad news story though, and definitely not as scary as it seems. 2017 was off to a roaring start with low inventory and a lot of pent-up demand waiting to buy. With inventory increasing, we are now seeing the market settle back into a more sustainable growth rate.
If you have been waiting to buy, now is the time. With inventory up and more sellers willing to accept offers at any time, this means that the buyer has more power to negotiate the price and terms of the sale.
Are you looking to sell? The good news is that houses priced right are still selling. Pricing strategy, timing and presentation are more important than ever now, and these factors must be optimized to provide you with the greatest return on your investment.
The average sale prices for homes sold in Toronto from January through the end of May 2017, as reported by TREB, are as follows:
For information specific to your neighborhood or your own home, please contact us.
