Much has been said about Toronto’s booming real estate market. Articles, blog posts and gossip columns are riff with an information overload about what’s right, what’s wrong and how real estate could be slowing down or going through the roof!
I think it’s important that I share my experience with you strictly from a bird’s eye view. As a real estate sales representative, I am no doubt in the thick of things and maintaining an objective point of view about the market is difficult. However, dealing with clients from across the board, including but not limited to those that are buying their first house to the ones picking up rental properties like there’s no tomorrow, I have developed a sense of the process. So where does the GTA market stand vis-à-vis what you’re looking for? Well, the answer is hidden within that statement.
Real estate needs, wants and market fluctuations in and around Toronto have been following a pattern that defies the global market and we must be mindful of that. So what statement was I eluding to above? “…what you’re looking for.” The average selling price grew by over 12% last year for homes across the board. Some argue that does this means a turn around is expected soon, my answer to that is simple, just because a commodity is going up does not mean it will come down. The pattern is no doubt cyclical but vague assumptions are one that need to be avoided. Reason with yourself; What do you want? Why are you buying a certain property? What is the short term and long-term goal of what you want to do? Find yourself in a corner with all that talk at work about how the market will never go beyond where it is or how it’s going to crash? You are not the only one; the hype around the market sometimes makes me wonder if what I am hearing is indeed correct.
The market is dependent on so much more than we think. A Toronto Star article talks about how factors such as a mild winter, mortgage rates and the demand and supply loop perhaps contributed the most to the stellar first quarter for real estate in the GTA. I suggest giving me a call, talking to me about what you’ve heard, and let me make sense of it for you!