How is the market? Do I think prices will continue to rise? What about the foreign tax for Toronto… these are questions I get asked everyday.
With todays release of the Moneysense article on Where to Buy Now I wanted to share my factual insights on what has been going on.
I am certainly not discrediting the article, but rather suggesting that information included may be older (I participated in the survey over than 3 months ago) and more general in nature than what could be going on in your neighbourhood or in your specific type of property.
Here are some real life examples from the last 3 months
Sample Area “A”
Comparing “lot value” properties from late last Spring to current time. Prices are trending higher than noted vs. one year ago.
Sample Area “B”
Comparing 2 Storey 4 Bedroom homes from 2, 2 1/2 years ago to current time. Prices are trending considerably higher than noted vs. three year ago.
Sample Area “C”
Comparing similar size and condition bungalows in the last 2 years.
Note the November 2016 price to the March 2017.
This particular neighbourhood is very hot right now.
You might even think that “everything” sells in this market — not true. There are 2 homes in an area that I follow carefully that didn’t sell on offer date. Why you ask; whether it was the agent or seller, the pricing they listed with greatly affected the interest. Then there was a price change; again – no sale. Now they have changed the price yet again. Buyers wonder why they haven’t sold, think there is an issue and stay away from them. Read “opportunity”…
If you are even remotely considering buying or selling, now more than ever, consult a professional real estate agent to help guide you. Someone who can do the proper analysis to make sure you are paying current market value or selling with the correct current market strategy.