As autumn rolls in, the Toronto real estate market appears to be making some interesting moves.

There’s no doubt that prices have dropped. Compared to April of this year the Toronto market is down by almost 20%, but still up 5 – 7.5% higher than this time last year. The total number of sales are down, but the market still churns at a decent pace. In other words, properties are still selling, but at a less frenzied pace and for “negotiated” prices.

Some economists believe the market hit bottom in July and expect steady, slower growth for this fall. Robert Hogue, an economist with RBC, issued a report suggesting that Toronto homeowners “can breathe a little easier now.”

Buyers are back to purchasing with conditions such as financing, inspections, and vendor-take-back mortgages. There are still a few sales with multiple offers, but gone are the day when sellers expected and received 10+ offers, soon after they listed their property.

Market indicators show we’re headed for a more balanced market which is better for sellers and buyers alike. Buyers can do their due diligence before committing to a property and sellers don’t have to lose sleep over worrying about whether the buyer will close or not.

The fundamentals in the Toronto market remain sound and are growing stronger. Employment is growing, immigration levels are increasing, and consumer confidence is healthy. My forecast is that we’ll see more sales in September, October, and November, but I’m not expecting prices to rebound to April’s highs.

In summary;

• Buyers can actually buy a house conditional on inspection and financing without getting involved in a bidding war (that’s a huge HURRAY!)
• The pace of sales was brisk in August with houses selling in 23 days, on average.
• The condo market continues to be strong, but sales volume is down. From last year this time prices have increased an average of 22 percent!

If you’re thinking about selling or buying, bear one thing in mind: your circumstances are unique. While I can share industry averages and figures with you, the reality is that everyone has different expectations for selling or buying. The best way to prepare yourself to enter the market is to speak with a professional who knows the GTA. If you’ve got questions or just curious, reach out to me today: 416.566.77630 or susanbandler@chestnutpark.com

Let’s work together to determine a plan of action that gets you the best results in this transitional market.

{BY THE NUMBERS}

{FROM MY BLOG}

Bad MLS Pictures

There’s a reason people stage their homes before selling… Some people didn’t get the memo. Have a chuckle while scanning these terrible MLS pictures.