Recreation and cottage markets are following a similar trend to the city market. This may be a good opportunity for buyers thinking of buying a cottage.

Our team works with excellent agents in different parts of the province. I am sharing a blurb by my colleague Mark Veer who‘s team works the Collingwood/Thornbury area.

The Collingwood/Blue Mountains real estate market has slowed a bit over the past few weeks. After two years of record high prices, we’re seeing signs that this upward trend is starting to flatten out.

– Mark Veer

Real estate prices are all over the board. We thought that the market had cooled and in some areas almost died. However we see that homes are still selling and many over their list price. The market is not dead. Pricing and expectations just have to be real and not overinflated. What sold a couple of months ago will probably not sell for the same price now. This will create some new opportunities for some as it may be a good time to upgrade and/or buy.

The rental market in Toronto is hot hot hot… with an influx of Ukrainians fleeing Ukraine they are looking for places to rent. Many are coming with money. Space is at a premium. When rentals come to market they have a number of people who are lined up ready to jump. Sometimes the Ukrainians don’t stand a chance. The competition is fierce and can be discouraging for all.

The group of Ukrainians coming in are also looking for jobs. Most are educated and ready to work hard. The service industry which has been so short on staff should be happy. For many the stay in Canada will be temporary. It won’t be easy.

This too shall pass… an expression that now applies to the real estate market. Earlier in the year we experienced some intense bidding wars for homes, sometimes with over 20 offers and 100 showings in a week. The prices were jumping up quickly as buyers snatched up houses. 4 months later this scenario is no longer the case. We are still seeing multiple offers but not always and sometimes there are no offers that come in.

Interest rates are up, inflation is up. Buyers are not jumping as high and sellers are often disappointed with results. Interestingly the change in market is starting at the bottom. Usually it starts at the top. With the change in market will come a change in pricing strategy. We are a market in transition.

The jury is still out for condos. Condos did not experience the same recent activity and surge in prices as homes. With the end of the pandemic condos may get a good bump up this year.

The problem with buying a home is that the supply and selection have been so low that many buyers have not been able to find what they want. The idea of a “dream home” is almost a dream for most. Buyers don’t want to settle but they also don’t want to or can’t pay the price for what they want. And the market keeps going up. Many buyers have been looking for years.

We have always said – if you really want to buy a house, you will. In todays market you just have to compromise and compromise a lot. Selection is starting to look a bit better as we start the spring market.

Beginning of spring market in Toronto appears to be busy. We are seeing more homes come out. World instability has perhaps pushed those who were thinking of selling to sell. Potentially rising interest rates may also push buyers to buy. Inflation is definitely on its way up and will have to be addressed. Here is the thing – we have no idea what will happen. Any attempts at forecasting are speculative at best.

Taking a snapshot of current market is not that simple. Clients often ask us – if you had to guess what do you think will happen with our real estate market in the next year. This question is difficult to answer.

Currently it appears that the market remains very strong and a number of houses are getting very high numbers. However we have seen a few cracks in ”the crazy market” Not all houses in all areas are getting crazy prices. Some are selling for very rational prices and anything that is obviously overpriced is simply not selling. Condos are selling but are definitely not as hot as houses.

The advice to buyers and sellers is to buy and sell when the time is right for them and not to try and predict the timing. The last couple of years has shown that predicting the future is impossible.

The concept of having a real estate team has grown in popularity in the past number of years. There are many reasons why it makes sense to hire a team. Firstly, there is always someone there to service the client for whatever need they may have. Agents who are good are busy and it is really hard to be everywhere at the same time. A team who has specialized people for each category is able to move fast and efficiently. There is someone handling home preparation, staging, social media, and advertising. A team can handle all of a clients real estate needs whether it is buying, selling or leasing. We become a group of consultants who are able to service families of different generations with all their needs.

On the other side, younger less experienced agents are able to be mentored by more experienced agents. It is a win win for everyone to hire a team.