The GTA market is currently favouring buyers as sales sputtered in the month of November. Both sales and prices are down month over month as well as active listings. Many Sellers are waiting until the new year to either re-list their property or launch a new listing in hopes of a stronger market.
Reductions to variable interest rates (currently a variable rate at the lowest level in years) has not sparked the activity many expected. Affordability remains the number 1 issue keeping buyers on the sidelines. While our government has brought in some new mortgage policy changes designed to help with affordability it hasn’t been enough to move the needle yet. Some of the changes include: insured Mortgage amounts have been increased up to a $1.5 purchase price from $1 Million; the opportunity to take a 30 year amortization; and borrowers no longer have to be stressed tested again if they change mortgage lenders.
Buyers are active in the market albeit still a bit hesitant, taking their time and looking for deals. The sense of urgency has evaporated. Some buyers think prices will continue to lower while some Sellers hold onto to prices of yesteryear. This is creating a bit of an impasse which creates a very challenging market to trade in. Low rise housing is fairing quite well, meaning detached, semi-detached, townhouses. The luxury market is strong.
The condo buyer has the edge right now especially in the 905. There’s more inventory to choose from and being able to negotiate hard on price is a refreshing change. Pre-construction condos sales are also non-existent.
There’s a lot to unpack in the current market, it varies dramatically by region and house type. To learn more and for more in depth analysis reach out to me for answers to your questions. I have the data, information and insight to assist you. As always, no pressure or sales tactics, just good solid information. Some key takeaways:
*Sellers must present their property well to stand out and price realistically = the formula for success.
*Buyers have more choice in all housing types and in many cases great negotiating power!
More than ever you must have an experienced Realtor working for you! A Realtor that understands the new rules, the dynamics of the current market and a Realtor that understands the nuances of your neighbourhood and areas of interest. You need to work with an experienced full time Realtor, one with boots on the ground all day, everyday. One that has strong analytical, negotiation and communication skills. One that provides the right Comparative Market Analysis (CMA) on properties in your area, has strong project management and quality marketing, someone who can help navigate the process.
I’ve been a successful Realtor for 23 years and have worked in all types of markets. I’ve seen a lot and know a lot and can assist by providing quality insights, strategic thinking and sound knowledge. You should always receive a detailed analysis on whats happening in your neighbourhood and area of interest. If we need deeper information on an area outside of my core base area I will bring in one of my trusted Realtors from that area utilizing my wide range of contacts throughout the GTA and Ontario.
I pride myself in taking very good care of my clients and past clients will attest to that. My work is important work for you. You must have someone you can completely trust with the very best representation! I am by your side always, with no pressure sales tactic, with only guaranteed reliable, knowledgable professional service.
I would love to speak with you further, please reach out to me and we’ll get the conversation started.
Terri Perras
