After a long hot summer, we are now well into fall, a season where we often see a rise in real estate transactions. Many of you have asked what’s happening with the current market, so I have decided to share some of my thoughts with you.
Across Toronto, we are still in a low inventory stage. Supply simply is not keeping up with demand, thus prices continue to rise and product continues to move quickly. Condo, townhomes, new builds, and freehold homes are all selling.
1. Is this a good time to sell?
As mentioned before, there is low inventory across Toronto. So yes, it is a great time to sell as the demand is there. Would I recommend selling your home and leasing instead? Probably not. Unless you have a financial need to do so, I would not recommend leaving the market at this time.
2. Does that mean it’s a bad time to buy?
No. Despite the seller’s market, it is still a good time to buy. Coming back to supply and demand, there are no signs of the market slowing, so staying in the market (ie. those selling to buy), or getting into the market (ie. First time buyers, investment property seekers), is still recommended.
3. If I’m moving, do I want to buy or sell first?
This is a great question, as it is dependent on multiple factors; the individual, the individual’s needs, where they’re living, and currently market conditions. Before selling or buying, you must get out there and get informed about product and price. Don’t sell without information on the type of property your looking to buy, and don’t buy without information on what your home is actually worth. You never want to be surprised after completing one half of your moving transaction!
For the most part, it’s usually safer to sell first. However, there is an exception when you have very specific needs for the property you’d like to buy. Every case is different, so step one should always be consulting with me!
4. What are up and coming areas?
This is a popular question, but difficult to answer on behalf of everyone. It greatly depends on your price range, stage in life, and property needs, however I’ve had my eye on the following neighbourhoods.
- The Junction/Dovercourt
- Wallace Emerson
- Roncesvalles
- Dufferin Grove
- Oakwood/Vaughn
- Upper Beaches (east)
- Birch Cliff (east)
- Cliff Crest (east)
- New Toronto (west)
- Long Branch (west)
5. When is the best time sell?
The best time to sell is when you’re ready to sell. However, generally the most buyer’s are out there during late January to April, and mid-September to mid-November.
If you have additional questions, or perhaps are just curious as to what your home is worth in our current market, please never hesitate to ask. I’m always happy to complete a complimentary market evaluation whether you’re selling or not.
Don’t forget, if you or anyone you know is looking to buy or sell, please let me know. Your referrals are always greatly appreciated!
-Heather Ferrier
Sales Representative
Royal LePage R.E.S. Ltd, Brokerage