2018 is on pace to go down as the lowest amount of property sale transactions (annual total) since the recession year of 2008. What does this mean?

Year-to-date we have had a total of 53,634 sales through the Toronto Real Estate Boards MLS system. If the final 4 months of 2018 match the final 4 months of sales of 2017, our yearly total will be 79,241. My prediction is that this total will be lower.

Wow!!

With rising property values and tougher bank regulations on qualifying and lending, these numbers were more or less expected. But I’m not sure anyone expected a rollback to the early 2000’s on sales activity? The changes were put into place to cool the market, and that seems exactly to be what’s happening.

The impact of this will be far reaching. Expect to see less people calling themselves Realtors. Same goes for Mortgage Brokers, Real Estate Lawyers, and pretty much anyone else tied to the housing market.

But what does this mean if you are Buyer?

If you are currently looking you most likely already know, that in many cases, days on market has risen. Excluding the hot pockets throughout the city, Buyer’s are taking a more cautious approach when it comes to offering on properties. The reasons vary but are long overdue in my opinion.

If you are a Seller in this current market or about to be one, a thorough understanding of which pricing strategy to take, and what’s to be expected when selling a property in this current market should be discussed before you start the Buying process on your next home.

Fully understanding what’s happening in the market is crucial. A lot has changed over the past ten years of rising property sales. Chances are you may have purchased your current home during this period? The peak in sales actually happened in mid- 2016, and being on the downward trend in activity it’s important to understand what this can mean to you? Doing so ensures as positive and stress free of a process for all involved.