So far the Toronto housing market has been alive with activity – other than buying and selling – some sources may suggest the housing market is cooling down but there are other indicators pointing to a different outlook that also needs to be considered.
Previously I spoke about the Mortgage Stress Testing and the impacts it might have on the market and some of those impacts may be showing signs of arrival. We’ve noticed a dip in this year’s market in comparison to last year – The Toronto Real Estate Board says the Greater Toronto Area Realtors reported 4,019 home sales for January through the MLS system, down 22 percent from a record 5,155 a year ago. On the flip side, Condo prices for available condos soared 35 percent over the past year. So is this in relation to some individuals being priced out of one market and pushed into another, it is hard to say but all the signs may be pointing in that direction.
The question still stands. Is it a good time to buy?
The answer is yes. Yes, it is a good time to buy. The time to buy is hardly ever planned, even the decision to buy a house is never a date you have in your calendar like a dental check-up – no it comes from external pressures such as social, work, friends, financial and status. The process happens without you thinking about it – before you know it you have this compulsion to own a home or to invest in your future.
From my perspective the market in Toronto is a difficult one, many of my buyers spent a long period finding a home they love, the amount of properties available as “stock” is in short supply this too is altering the pricing in the GTA. Even rentals seem to be as fast-moving and as aggressive as last year’s housing market. Tenants are being outbid in every direction, multiple times over.
Whatever you are looking for, the housing market is after all a life investment, it is not something you get-rid-of a couple of weeks after buying it. No, it is a financially, sometimes physical and emotionally investment, sometimes it is irrational. Many buyers fall in love with a place and can see it either being a starter home or something they can live in for many years. That is after all the original reason you buy a house, it is to live in it and make the space around it yours. Improve on it and develop it as your life changes – adding to its value for when the next owner takes possession and starts their own imprint on the space.
If you are looking to buy please feel free to check out some properties in our listings, if you are in need of a realtor I would be happy to assist you with your buying process and make sure you are looked after at every step of the way.