It's 2017! What is happening?

18 January 2017
Jessica Riley

WOW. 2017 has arrived.

It came quickly didn’t it? It always does, but this year seemed to FLY by. We truly hope that 2017 is treating you all VERY well so far! Health, prosperity & fun for all! 

THE MARKET. 

Mid January in the Toronto Real Estate Market is a weird time.  Buyers who were unable to find “the one” in the last months of 2016 are still kicking around, waiting for inventory, and those who are just starting their search are hoping that what is currently our there is not the "norm". Sellers are waiting for the perfect time to sell.  This is why our spring market is our craziest & busiest. All this pent up demand!  

This year is a little different - Mix in new mortgage rules and a slight increase in rates – things are even weirder.  People are watching to see if these new changes are having any effects on the market this year. 

But, guess what? Things are selling like hot cakes (so far). And we anticipate they will continue too.  What is different? It’s not just houses. Condos are hot like chocolate chip pancakes (sorry, strange reference but I love them).  This is going to be the year of the condo. Condos that took 40 days to sell 2 years ago are selling in days if not hours. Almost 43% of condos sold OVER ASKING in December – a relatively dull month in the market compared to others. 

WHAT DOES THIS MEAN FOR YOU?


SELLING A CONDO

If you have been thinking about getting out of your condo and into a house, this is time. We’d bet there are LOTS of people who want your condo. 

BUYING A CONDO

Don’t stress. There will likely be a little more competition out there, but that doesn’t mean you should shy away. It means that the condo market is healthy and overall that is a good thing! Hire an amazing Realtor to guide you through the process, make an informed decision and buy in a good building. You’ll be glad you did. 

SELLING A HOUSE

Price and presentation is key – make sure your Realtor knows their stuff. Pricing incorrectly, at the wrong time etc etc can backfire. As always you want to reap the benefits of this market. 

 

BUYING A HOUSE

Same advice as buying a condo – there will still be competition (as there is when demand exceeds supply). Educate yourself and hire someone who can educate you along the way. 

As always, if you have any questions about anything Real Estate related just let us know!