If you thought 2016 was a roller-coaster year, 2017 is shaping up to be more of the same. Given the already high prices in Toronto, it’s natural that the lower prices in surrounding communities have drawn off a lot of the traffic, and news reports have now caught up to the boom in 905 and the other parts of southern Ontario.
Our chart (above) shows that the first two months’ of sale prices have already eclipsed the peak moments of 2016. Our dotted-line “projection” suddenly looks highly unlikely. If there are any winners, it may be the older home owners on fixed incomes who now have a chance to make a windfall gain.
For buyers today, the main thing is to keep a cool head and do some serious thinking about what really matters. For many millennials, the imperatives of starting a family are becoming a top priority. Where can they find space to live, commute, and bring up children?
If you’re a buyer, you need to be prepared. With your mortgage pre-approval and a strong understanding of the market, you’ll be able to make smart decisions. You may not win on your first time bidding, but the best-prepared buyers have a strong edge in this market.
If you’re a potential seller, things look easier. But you still need a real estate agent who puts your needs first, ahead of just making an easy sale.
In a rapidly changing market, you need smart, timely advice, whether you’re a buyer or a seller. We’re available to help… You can email us, or ask for James and Joanne at 416-483-8000.