A recent article by the Globe and Mail is saying that Canadian real estate is strong and will continue to do so, comparing the rebound and resiliency this fall since the tightening of mortgage regulations last year.
But is everyone forgetting the US election last year? And the wonderful imminence of the U.S. fiscal cliff? As much as we’d prefer to deny the dependency of our economy on the U.S., the uncertainty of an election has historically caused grief.
As we said last year, everyone held their breath. Once the uncertainty passed we had an incredible spring and this fall has returned to the consistency we have seen previous to 2012. What we have seen as of late is a nice return to a more balanced market.
Yes, there are still bidding wars in certain high demand neighbourhoods (the Beach anyone?) and for in-demand homes (under $1M). But the frenzy has tapered off, making the market more easily digestible for buyers who don’t have to jump at the first home that checks a few of their boxes.
The market will have it’s natural cooling over winter (just wait for the media to start their frenetic panic attacks as soon as sales slow down) and we look forward to a steady, strong spring market.
As we recommend to our clients, if you are thinking of selling, hold off until early spring (always good to come out early to capture the buyers who are poised to get shopping after the holidays). If you don’t have to sell over the winter, don’t.
You may capture a good market if your home is in high demand and low supply but better to hold off.
That being said, start preparing now. It give you and your home time to become ‘show ready’ and allows for pre-list marketing to get the buzz going.
Check out the latest reports from TREB and around the news…Strength of Canadian Housing market surprises economists. Across the country, real estate resiliency persists. Housing market firing up again as Toronto sales leap 19% Monthly resale housing figures.