You heard it here first….
Now Is The Time To Buy Real Estate In Toronto
We know what you’re thinking. (In fact we imagine your internal monologue is going something like: “God damn real estate agents. Of course it’s a good time to buy real estate in Toronto. You and every other agent think all the time is a good time to buy real estate in Toronto.” )
Guilty as charged. Real estate agents are conditioned to tell you that every time of the year is a good time to buy real estate and every time’s a good time to sell. Regardless when you ask us. It’s just how it is. Don’t hate us. It’s called s-a-l-e-s.
We apologize if we sound like stereotypical salespeople (we hate that we’re thrown into that lying/slickster used car salesman generalization by some) but we don’t apologize for telling you the TRUTH. Why? 
Because if history repeats itself it has been and it appears that it will just continue to be a good time to buy real estate in Toronto. Check out this graph (to the left) showing property appreciation year-over-year in Toronto. While dude down the hall is still warning over the real estate “sky-falling” that will de-value anything anyone’s bought, it’s poignant to point out there’s no proof yet in the pudding that that will EVER happen. Real estate remains one of the best financial investments you can make. And that remains more so than ever over the past couple of years. (But that’s a blog post for another day.)
Back to why you’re still reading! Here’s the juicy bit. Yes, it’s true that it’s a good time to buy, just as it was last year at this time and the year before that. The thing is, we’re shouting it louder than ever this fall. BUY BUY BUY. Here’s why….
Throwback To The Last Time We Saw A Big Real Estate Trend
In January 2017, we were on the front lines of an enormously changing real estate market. It’s just that no one really realized it except for the full-time active real estate agents who we
re working with buyers at the time. I liken it to being Tom Cruise in Mission Impossible, desperately hanging on to a speeding plane. All of a sudden properties were getting 20 offers on them, and houses and condos were selling 150% over the asking price. Bully offers became the norm, and OMFG
moments looking at sold prices the day after an offer night became common. Between the two of us we were on offer nights nearly 4 out of 7 nights a week in January and watched houses sell for $500,000.00 more than they “should have.” (Based on comparable sales) We remember ‘pow-wowing’ with other agents, using words like “how the f&^k?” and “what’s going on?” Meanwhile, bless their unaware heart, the media was five steps behind, still reporting on policy changes and how 2017 would be a harder time than ever to sell because of new stress tests. In December 2016, Karyn was being interviewed on national air, postulating to CTV how stress tests could disqualify up to 10 percent of prospective buyers in 2017. While her and every economist out there’s forecast for the year ended up wrong, the media were still nonchalantly running with that story for a month after the fact – even though the double-digit number of offers on every freehold house in Toronto was happening nightly. Every month the home you wanted was going up by $30,000. It was a frantic time if we’re being honest.
By February 2017, agents like us were announcing SELL SELL SELL but no one was listening except a few really savvy home sellers. By the time the media got ahold of what was really happening (about March we’d say), everyone knew it was a ripe time to sell in Toronto. But those that didn’t get that memo until late April lost out. Many sellers had homes that suddenly weren’t fetching the same numbers a month later. And those were the lucky ones. Some sellers suddenly had homes that wouldn’t sell.
Fast Forward To Now
It’s only been a few weeks but we’ve identified that the market has indeed had another big real estate trend change (note the media doesn’t know this yet). Traditionally the Fall (September, October and November) is a great time to sell real estate because the beautiful colours start to come out, people are back to their real lives and less on vacation, and temperatures in the sweater-weather range bring out the crowds. We actually often hold listings until after Labour Day so they can see more eyes. And traditionally – at least in the last 5 years – it’s been a seller’s market.
But This Year — It’s Different
Different how you ask? Different as in less showings on hot properties. Less competition on offer nights. Seller’s are taking bully offers that are $50,000 over the asking price, whereas last year they would turn away anything less than $200,000 over. Houses and condos selling for LESS than what we expected them too when we log in the next morning to see sale prices.
We’ve listed 5 million dollars worth of real estate in the last 3 weeks together in 4 different neighbourhoods. The trend is similar with each of them. We’ve talked to other top producer agents in Toronto. They are noticing the same trends. Not everywhere, but the real estate agents on the front lines in downtown Toronto are all reporting the same. They has been a switch flip. It is YOUR time to buy real estate in Toronto.
It’s Time To Buy
The market is not crashing. Real estate prices are not going down. But the opportunity to buy at a realistic price without as much competition is in play right now. You might be able to buy a house for under a million dollars. You might be able to offer on a condo or house again with conditions. You might not have to stop living your life so that you can stop drop and roll the second one house gets listed on MLS. We are entering what feels like – a balanced market.
- If you have equity in your home or dollars in your savings and are wondering how to invest them, consider the condominium market. In the downtown core, condos are still appreciating year-over-year at a rate of 14%. With appreciation like that, an incredible rental demand for anything and everything, and our guidance, you might want to consider having a chat with us. You’re never going to see money like this on your GIC.
- If you are suffocating in your starter-size condo, now is the time to consider moving up. Always move up in a down market.
Proof that we believe what we’re talking about? We walk the talk. After months and months of waiting and watching, Karyn just put pen to paper and bought. You should too.
Not sure how to get started? We’re just an email, text, FB message, Insta DM or phone call away.