1. Product! We need product! Despite that we’ve listed some killer condos and houses lately, there isn’t much for sale. We usually see an uptick in new properties for sale after Labour Day, but it doesn’t feel like we’re seeing the usual number of new listings. Especially in short supply: lofts, houses and income properties.
2. There are a lot of Buyers out there, primed and ready. I met a lot of buyers at open houses over the weekend who’ve been searching for their dream home for a long time. They’re pre-approved for a mortgage and know what they want – and some of them actually have budgets to match what they’re looking for. It took incredible willpower to NOT tell the buyers with the stories of losing multiple bidding wars to check out our How to Win a Bidding War video.
3. For the lucky Sellers who are on the market right now, we’re seeing way more showings than usual. During the first week on the market, we usually expect to see 1-2 showings per day for condos, and 3-5 for houses. Showings for the houses and condos listed with the BREL team right now are far exceeding those numbers – and while I’m sure our wicked marketing has something to do with that (couldn’t resist), it’s also a reflection of the market.
4. The only predictable thing about the Toronto real estate market is that it’s hard to predict. In the last few weeks, some houses have sold for more than I expected and some that I thought would get multiple offers, didn’t.
As I write this on Sunday September 15th, the official Toronto Real Estate Board statistics haven’t been released yet, but here’s what’s been happening from Leslieville to High Park in the house market:
In short: houses are taking an average of 23 days to sell and are selling on average at 102% of asking price.
And here’s the scoop for the first two weeks of September for condos:
In short: Condos took an average of 39 days to sell and sold for 98% of the asking price.
So once again this fall, we’re seeing too many buyers chasing too few houses. That inevitably will lead to higher prices.
If you’re looking to sell, get on it – the fall market doesn’t last long. If you have a loft or house in the $600,000-$800,000 range, your property is especially in high demand (trust me, we have a lot of Buyers looking for what you have).
If you’re looking to buy, take a deep breath and relax. You’ll find your dream home – you just need to be patient.
And of course if you’re looking for an agent, make sure you consider the BREL Team We’re living this fall market 24/7 and you’ll be in good hands.