Real Estate Market UpdateMarket Updates
The market has shifted from a sellers to a buyers market. Inventory for both condos and homes is increasing.
Product well priced and in a good location still selling well and selling fast. Both condos and homes in high demand and low supply areas are selling in days and for the most part sellers are getting their numbers (as long as expectations are reasonable).
The biggest change to note is the appearance of a lot more higher end homes on the market. Perhaps sellers are wanting to sell before there is more of a price adjustment. We have seen a few high end homes which have been newly built or renovated sell for good prices and quickly. This is probably related to the fact that it is so expensive to build and renovate right now. Properties in need of renovation are encountering challenges in finding buyers unless they are competitively priced.
As with any market transformation, opportunities arise. The city of Toronto, known for its persistent high demand, continues to be an attractive destination for real estate investments.