18 May 2018 ~ 0 Comments

The Spring Market is here! Or is it?

Often real estate salespeople are asked, when is the best time to put your home up for sale? Well, Springtime (March thru May, and sometimes June) on the east coast has traditionally been the most active time for sales.

Ideally, there would be busloads of qualified, motivated buyers coming out of winters hibernation anxious to be out looking at houses and condominium apartments. Plenty of happy buyers typically means happy sellers.

Anyone who has been following the real estate market in the GTA (Great Toronto Area) over the past 18 months has known the start of 2017 sales prices started to defy any sense of logic, and prices were escalating fast.

Average sales for detached homes in the 416 area code went from $1,336,640 in January 2017  to $1,573,622 in February 2017.    In the 905 areas it went from $999,102 to $1,106,201. March averages were roughly the same and then in April, two things happened. One, the provincial government announced their “fair” housing initiative (meant to cool off the hot real estate market in the GTA) and the second thing was, Sellers started to flood the market with new listings. The combination of the two killed the party.

Now it’s spring 2018 and the housing market is slowly seeing active listings start to pile up (which is great if you are a first time buyer or move up buyer especially!) Sales prices are healthy, but way off the craziness of what we witnessed in the spring of 2017. Which, for the record is a good thing.

Buyers have been crying for years that there is no supply of houses for them to buy, and that when they do find a home they like, they are competing with dozens of others! Well, now you aren’t. Right now there is a great selection of property throughout the GTA that only a mere 15 months ago, many would have seen multiple offers being placed on them if they were up for sale back then.

Seize this opportunity and get into the market, or take advantage of a market that makes sense to move up in and one of which we haven’t sen the likes of for awhile. It might not last long. Play the long game as that’s what owning a home is meant to be. A place to provide life long memories, shelter, pride of ownership, sense of community and safety and security.

 

 

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