2018 is almost upon us and there is very little insight to indicate that the market is cooling down. If you are looking at buying a property, the only ideal time for this is when you are ready.Whether you are a first-time buyer or trying to rent the market is still as fierce as ever. This is something I have been experiencing with my clients in the last couple of months, the market is very aggressive – especially when it comes to doing that final offer.
Overall the percentage of sales may be less than last year, but the rise in new condos and stacked townhomes have pushed sales of new construction homes in the Toronto region up by 18 percent. Condo sales climbed 70 percent with a 40 percent year-over-year price increase leaving the average Condo price now at $677,456.
So if you are looking at buying my recommendations would be:
- Make sure you have a good down payment – ideally that 20% will pay off in the long run after your credit score – you stand better chance getting your mortgage accepted
- Look after your credit score – you stand better chance getting your mortgage accepted
- Make sure you can withstand an increase in rates – people underestimate this
- Be prepared to go in over asking price – if you want it you will make sure you get it, multiple offers or even bully offers are the norm now in the Downtown core.
- Unexpected costs – make sure you ready, extra surveys or other fees can quickly rack up if you not read
- Think long-term – Buying a house is a longer-term investment, if you are buying cause you want an immediate return you may be disappointed
The overarching message is that buying is still good, and the market is not shying away from anything at this very moment in time. According to The Canadian Real Estate Association, the number of homes sold through its MLS system in October was up 0.9 percent from the previous month with the Toronto region taking the lead in sales.
If you looking to buy or rent, feel free to reach out to me and I’d be more than happy to discuss your requirements and see how best I can help you find that property you can call home.