The week after Labour Day is traditionally the start of the Toronto real estate market’s second busiest season…Sellers who’ve been enjoying summer barbecues in their backyards all summer finally list their houses for sale, and Buyers who’ve been foregoing their daily Starbucks latte to save a downpayment decide to take the plunge.
There’s been a lot of talk about what will happen this fall: how will the market be affected by the mortgage changes that were introduced a few months ago? Will the US election impact our economy? How will developers react to slowing new condo sales? What is the fastest land animal?
Here’s what we’re thinking:
- In the BREL world, the ‘fall market’ started in July...we listed and sold a condo in a day, scored an awesome loft, a condo at the Thompson Hotel and a killer duplex for our Buyers. Our list of people looking to buy or sell this fall is growing every day.
- There are still too few houses on the market to meet the demand from Buyers. We saw a slowdown in bidding wars and bully offers this summer (as we usually do in July and August), but I would expect we’ll be back to living that insanity unless a lot of houses come on the market in the next few weeks.
- There are more condos on the market, meaning there’s been more room for negotiation the past few months – as always, good properties in good locations sell fast.
- The rental market remains tight and to be honest, I’d hate to be looking for a place to rent right now (though if you are, check out the two incredible apartments we’ve just listed for rent near Trinity Bellwoods, Little Italy & the Ossington strip).
- Investors continue to see the revenue potential of income properties and condos in Toronto, though based on decreasing new condo development sales, the buy pre-construction and flip-it game is less popular.
- Interest rates remain incredibly low which is good for Buyers!
If you’re considering buying or selling a classic Toronto house, unique condo or loft this fall, give us a call or send us an e-mail….