Although the unfortunate cooling period put a damper on Toronto real estate over the last few months, it appears the market is finally starting to heat up again. And as the temperature continues to drop outside, inventory levels are hitting an all-time high, meaning that more and more opportunities for interested buyers and sellers are on the rise.
But, even though the amount of Toronto real estate for sale is booming, there are still a few things to keep in mind during your hunt for your next home that can make a huge difference. So, if you’re on the prowl, or simply considering your options at this time, here’s what you need to know about the current state of Toronto real estate:
Inventory vs. Sales
Compared to last year, Toronto saw a 16% increase in the total amount of listings available. This is a substantial jump from 2016 and something that potential homebuyers need to keep in the back of their minds as they review their housing options. And that’s because a large inventory can be both a great thing and a bad thing depending on the situation.
As of right now, inventory is increasing but sales are decreasing. This is sure to change as the market turns around, but sellers are having a bit of a tough time converting on their listings. However, this increased inventory is great for buyers since it relieves some pricing pressure and creates more opportunities to get a good deal on a wonderful, new home.
Choosing Your Moment
Given where the market is at, it’s important that you choose the right moment to make your move. At this point in 2017, it is more of a buyer’s market. If that’s your ultimate goal, this would definitely be the time to team up with a broker and get the ball rolling. But, if you’re trying to sell some properties, it’s going to be a bit of a waiting game.
There are just too many homes for sales right now, so it’s going to be tough to move properties until the market balances itself out. Fortunately, buyers are certainly amassing, but it’ll still take a few months to sell all of the many listings that are available currently. In other words, your time to sell is coming, but you’re going to have to wait for people to buy up what’s already out there.
Looking Toward the Future
Although Toronto real estate has been a bit shaky this year, there is still plenty of opportunity out there for buyers, sellers, and brokers. It’s important that people take the time now to get their ducks in a row for when the market ultimately booms again. It may be a little while, but with 2018 on the horizon, it’s going to be a really exciting time for Toronto real estate.
When it comes to real estate, good things come to those who wait. Whether you’re buying or selling, remember that patience is going to be what eventually leads you to the best deal possible. In the meantime, watch the market carefully, be very mindful of the decisions you make, and seize every opportunity that comes your way.