The Press vs. Reality… Reality prevails!
With all of the “talk” of market slowdown and price adjustment, April’s sales numbers certainly came as a surprise to many people. Toronto realtors reported 9,811 sales through the Toronto MLS system in April 2013, bringing the year total to 27,285 and heading for another 80,000+ resale total. In other words, another great year for house resales in the GTA!
Condominium resale sales have been very strong due to the affordability factor (priced in the $300,000s). The pricing of these condominiums combined with good downtown locations has been the perfect formula for young people setting up their own homes. The key is location! Buildings just a 10 minute walk apart will have totally different resale results.
As we head full steam into the Spring Market and more buyers come out of “winter hibernation”, expect to see a bump in prices and bidding wars on well-priced properties. The key is well priced. With the growth of the Internet and social media (e.g. Facebook) buyers are more knowledgeable and aware. Properties priced within 5% of market value will receive multiple offers, while properties priced just 10% over market value may languish unsold for months.
The challenge in any endeavor is getting the right individual to assist you. Be suspicious of the agent who says all companies are the same or all agents do the same things to get a home sold. Its equivalent to saying there is no difference between a Kia and a Mercedes, that they are both cars! Or all doctors are the same; medicine is medicine. It’s only the incompetent who refuses to admit there is such a thing as competence!
The Toronto real estate market will continue to be strong, and it is still a great time to investigate investment properties. If you have some real estate questions, be sure to give one of our Realtors a call!
RE/MAX Realtron Realty Inc.
#1 RE/MAX in the world in 2012(most transactions)