Why now is one of the best times to buy real estate in Toronto.
Wednesday May 20th, 2020
One of the most common questions our clients have asked is: When is the right time to buy real estate in Toronto? Should I buy now during the pandemic, or should I wait and see what transpires with the market after we return to our “new normal”?
The answers to these questions are a bit complicated and cannot be generalized for all without a proper discussion, as we always significantly factor in your personal situation and real estate goals to provide the most relevant information.
With that in mind, we can provide you with some information about the current Toronto real estate market.
Since the pandemic started in Ontario in mid-March, many sellers have made the decision to take their properties off the active market, which has resulted in sales volume going down. But not everything has completely stopped. According to Toronto Real Estate Board, more than 1600 home sales were still made in the two weeks of April. It should also be noted that in Toronto, real estate prices have remained flat (prices have not decreased as some may have predicted).
This has created a silver lining for buyers. Despite there being less inventory, the majority of buyers in the market right now are no longer competing in multiple offers and are able to better negotiate on the terms of their offer. And even as the state of emergency continues, we have noticed that the inventory is slowly increasing week to week, as have sales!
So, what does this mean? While we don’t have a crystal ball and cannot predict the future, we feel that there are definitely going to be some buying opportunities in Toronto over the next few months. This buying window will not last forever, as we do feel that as Canada recovers from the pandemic, this year’s Fall market will likely become a heated once again, and market conditions will return to favour sellers.
If you are in a position to buy right now and you are intrigued by this - lets chat! We can discuss how you might be able to capitalize on this unique buying opportunity.
To helping you create remarkable realestate results,
Alex and Elaine.
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