No great surprises as the Toronto Real Estate Board unveiled the January sales
3,100 homes sold out of 9,299 homes available for sale. Throughout the GTA, houses, on average, sold in 29 days, provided they were priced within 5% of real value. (This
is where a professional agent can help clients by doing realistic CMA and being
honest with their sellers.)
The primary factor impacting the residential real estate market is the Bank of Canada’s
increasing borrowing rates. This policy has eliminated local buyers from purchasing
their homes and forcing them into rental units, creating a massive shortage
and resulting in price increases for rental units. It seems our government wants to kill
inflation regardless of the hardships it will make for Canadians. The other factor
influencing our market is the fear of the unknown. Many buyers have decided to sit on
the sidelines and watch the market as they do not know what will happen.
Well, I know what will happen. I do not know precisely when. With over 1,000,000
new immigrants are coming to Canada, and builders are discouraged from building new housing units due
to government red tape, high building permit prices and slow government commitment
to supply infrastructure like water and sewage lines; prices will continue to increase in
the GTA! It’s as inevitable as two trains rushing toward each other on the same track!
There are great opportunities in this market. It is a great time to buy an investment
property, upgrade your home or trade in your condominium for that white picket
fence in suburbia. As the saying goes, “Fortune Favours the Bold! Now is the time to
explore your options. Let me put my experience and professionalism to help guide you.
Give me a call, and let’s talk!
Have a great February,
Your friend in Real Estate.
PS….I’m never too busy for your referrals!
Steven Maislin, ABR, SRS, SRES, IRES, RENE, Broker
ABR: Accredited Buyer Representative
SRS: Seller Representative Specialist
SRES: Seniors Real Estate Specialist
IRES: International Real Estate Society
RENE: Real Estate Negotiation Expert
RE/MAX Realtron Realty Inc., Brokerage
182 Sheppard Ave West, Toronto, On. M2N1M8 Canada