Rental Market Heating UpMarket Updates
Rental market in the city is heating up. It’s back to bidding wars for city condos as people start heading back to in person work. The young employees who were working remotely and moved home now need a place to live in the city as employers are calling them back. The subway is not the best option as some companies actually do not want their employees going on the subway due to Covid risks. I can’t imagine the traffic if everyone starts driving downtown. We haven’t even started with a lift on immigration which would also bring an influx into the city.
Spring/Summer MarketMarket Updates
We are in a lull for listings. It was a crazy spring. Many homes and condos were sold. We saw some big bidding wars for homes and some very high prices. The number of bids on properties seems to have gone down but the prices have really not. We are seeing some strong numbers come in on both houses and condos. As soon as we see more product (and we may just see more listings as pandemic settles), we anticipate a strong market to continue. Summer may be quite busy.
Real Estate Sales 101Buying
Many buyers are fed up with blind bidding but no one forces anyone to bid high or low. The house will sell for whatever the market will bear ie whatever the buyer wants to pay. Its stressful for buyers but its also stressful for sellers who often need the money to purchase something else. Or they have already purchased something else for a high number. As agents representing sellers we are under contract to get the most we can for them. We have to follow the rules but situations are not always clear cut. There is more to the sale than just the number. There is closing date, conditions and sometimes a feeling of comfort with the buyer. Most agents we deal with are ethical. Its stressful for listing agents as well. It’s definitely not an easy market for anyone these days. Having a good agent working for you is important.
To Bid Or Not To Bid…Buying
Bidding on homes is difficult to guide in todays market. The challenge for buyers in today’s market is to know if a house that comes on the market is actually within their budget or if it will go substantially higher. The list price is often just a starting point. When a house comes out clients will often call me and ask “What do you think it will sell for. Should we go look at it?” Some houses are selling for what we think they should, some are going a lot higher and some are actually not getting to where we thought. This makes it difficult for buyers to decide what to do and difficult for agents to guide their clients. It’s basically trial and error. This makes for a lot of work for everyone and a lot of up and down emotion for buyers. Not easy..
Will Spring Bring More Houses?Market Updates
Will spring and warm weather bring more houses – will it be enough to satisfy the number of buyers in the market. A number of properties have come onto the market in the past couple of weeks. Some sold well over list in multiple offers but not every home achieved the multiple offer situation they were looking for and hence did not achieve the price they were looking for. Some relisted for a higher price. If a significant number of homes come on the market in the coming weeks we will see if the prices level. We think prices may flatten but don’t think they will come down.
Market FrenzyMarket Updates
So much activity in the market – the desire to move during the pandemic has not died down. Market frenzy continues and now condos are in low supply and high demand. It looks like prices of condos are starting to bounce back up to where they were. Hard to find a bargain. We are expecting a surge of immigration after the pandemic and we anticipate that they will join in the buying frenzy. Hence we anticipate prices of homes and condos to continue to rise this year.
Nothing is Stopping Buyers!Market Updates
Nothing is stopping buyers – snow, pandemic, virus variant, vaccine shortages, lockdown. Buyers are still scrambling for houses and now even condos are starting to get multiple offers. Toronto keeps going up in value and so does cottage country. Maybe a new perspective for many – if we are going to spend so much time at home let’s make it comfortable. Pandemic may have highlighted the value of a home – its maybe something that we didn’t appreciate as much before. Home has become our safe place and for many their sanctuary.
Weaker condo market is starting to attract investorsMarket Updates
Weaker condo market is starting to attract investors. We are seeing an increase in activity in the somewhat pandemic battered condo market. Investors are starting to look for deals as cash strapped condo investors/owners are struggling to rent their condos. Many investors have opted to sell. Now we see a definite oversupply of condos on the market. TRREB reported “The number of new condominium apartment listings in Q3 2020 amounted to 17,613 – an 84.6 per cent increase over Q3 2019”. Ultimately, we think this should correct as the pandemic passes and we see more immigration start to come in. However, it may take time and not everyone has time.
“Garbar” and “gargym” the newest trendMarket Updates
Holidays are approaching and we will have to deal with a different holiday where families can’t always be together. Kids will be off school, what will they do and mothers are trying to figure out how their kids will survive the holidays in a safe way. We all need people – community is important now more than ever. “The Garage” has become an important piece of real estate. Garages all over are being converted to gyms and places to have small gatherings -a friend termed it the “Garbar”. Outdoor activities will be the only way to see people and maintain social contact. Let’s hope we all get through the holidays and manage to keep some holiday spirit.