In real estate, the fall market is often seen as the poor cousin to the spring. In reality, it’s an important part of prime time, about 16 busy weeks of buying and selling.
Some Toronto home prices have already reached new highs in September and October, surpassing the marks set in April or May. For most practical purposes, we can assume that typical prices (and levels of competition) are about the same now as they have been throughout 2016.
Tighter lending criteria came into effect on October 17th, forcing some purchasers to rethink their options. But in Toronto and the 905 area, the large number of qualified home buyers easily outnumbers the supply of homes coming onto the market.
It’s hard to call this a “shortage” of listings. What’s happening is that while more properties are being listed, they are getting snapped up in record numbers. The result is that there is very little available selection at any point in time.
If you’re a buyer, you need a coherent strategy. Working with your agent, you need to build a real-time model of the actual market activity in your chosen area. You need to know the sold prices, the numbers of offers being presented, how high the bidding is likely to go. With your mortgage pre-approval and a strong understanding of the market, you’ll be able to make a smart offer on a property that meets your own criteria. You may not win on your first time bidding, but the best-prepared buyers have a strong edge in this market.
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.