I hope you made the best of our short summer. As hints of fall begin to appear, I can report that August was a very uneventful month for GTA real estate. This didn’t come as a surprise, as we could see the slow down starting from the preceding months.
In terms of the Average Sale Price and Volume, the numbers were down substantially. Yet, there was no significant change in the economic fundamentals that underly the market. If you think about it, it’s hard to believe that Ontario’s foreign buyer tax is responsible for this tectonic correction. In my opinion, the downturn is a classic example of how consumer psychology impacts buying behaviour. The demand for real estate that we saw in April is still present today. At some point, perhaps when buyers decide we’ve touched bottom, the upward trend will return. Not only will buyers make their way back into the market, the sellers will also follow suit. Based on my review of the stats on attempted and/or aborted sales this summer (listings defined as Expired, Suspended or Cancelled), I’m confident that sellers will be eager to list again in September.
What should your next move be? When should you do it? How should you prepare for it? I have the answers to your questions. Don’t hesitate to reach out to me. Together, we can evaluate your options and put together your best plan of action.
In the meantime, enjoy the last few days of summer!
Downsizing doesn’t have to be a scary concept. With a bit of strategic planning and organization, you can easily take the worry out of it. Ask yourself if downsizing is actually the best option for you. Read the full article, here.
