May 19, 2023
I indicated back in February that things were starting to look better, activity and price wise, due to lack of supply and pent-up demand on the buyers’ side.
Shortly after that, the market took a sharp turn! It became a sellers’ market – much to the dismay and shock of the buyers that had it good for quite sometime and were waiting for the prices to drop lower.
Multiple offers in most parts of Toronto became a norm and prices started rising. The frenzy came back with a vengeance.
Only in the last few days am I starting to sense a slight change again. The frenzy seems to be fizzling, very slowly but surely. Likely due to the supply slowly increasing in some areas.
The change could be temporary. I will have a better idea in about a month’s time.
I want to point out again that buyers and sellers should be very careful not to be stuck with two homes because they cannot sell their house after buying, and not to be stuck without a home after selling and not find a house to buy due to prices suddenly going up or lack of supply.
As your local real estate expert, I am more than familiar with the current market conditions, home sales and real estate opportunities.
If you, or someone you know, is considering buying, selling, or relocating in the near future and would like an idea as to what your home is worth in today’s unpredictable market, feel free to call me for a confidential chat and I will be happy to discuss it in detail with you. You will be glad you did.
Ecko Jay
Broker of Record / Owner
Ph; 416-445-8858