Perhaps the Beginning of a Market Shift

Toronto market can change on a dime… Perhaps we are seeing start of a shift.

In the fall, listings sat on the market with no showings. One was lucky to get an offer. Market was tough. Towards the end of the year and the beginning of 2024 – houses that had been sitting, slowly started selling. Early January, in houses started gating a lot more showings. In many cases, buyers “woke up” and started buying. It appears that to some extent confidence in the real estate market is being restored. In hot areas where there has been little product there is pent up demand – in some cases multiple offers are back. We had a listing in a central area that ended up with 8 offers within 4 days of being listed and sold well over list.

It is not certain how this trend will continue. The high end now has a luxury tax – how this tax will influence the market is still to be seen. It is hard to say how condos will fare.

Hoping for a Brighter Real Estate Market

Hoping for a brighter 2024. This fall has been one of the slowest time periods in the real estate market that we have seen in many years. Showings on listings are down 60% from the previous time last year. As agents – we are feeling it. Homes that should have sold quickly are still sitting on the market with few showings. Buyers are out there but they are hesitant to jump and many are opting to wait to see what the new year brings.

Busy Market!

The house and condo market is extremely busy with so many in multiple offers. We listed a house and a condo last week. In 4 days the house has received over 90 appointments. The condo is also very busy. Both are not taking offers until later this week. Sellers used to look at pre-emptive or bully offers but in the current market most aren’t looking at offers until the offer date. It’s just too busy and most times it pays off to wait. The frenzy is exhausting for buyers, sellers, and for agents. We expect it to be quite busy through this year. The pandemic has spurred a lot of movement and we aren’t done yet.

Happy new year to all!

Happy new year to all! I think this year many of us have reflected on the silver linings that the pandemic has given us. We are grateful for what we have. Sometimes it’s all about the little things. This winter our cauldron and pizza oven gave us much joy. I never knew that pizza in front of a fire in the winter could be so much fun.

I would also like to take this opportunity to thank all my clients and friends who have supported us through the pandemic. Our team has had a record year and I am grateful for that.

Here is to 2021 – may we transfer all that we have learned for a better year.

Reach out below to learn more

Interested in Learning More?