After the doom and gloom from the media, it seems that our market is defying the reports. The TREB February 2013 Toronto Real Estate Market Watch reported a volume decrease of just over 10% from last year, and a modest 2% increase in values across Toronto.
However lack of inventory is definitely what is driving the prices up, especially in the Beach. We have seen multiple offers happening since January and bully offers more frequently. Our listing at 83 Blantyre, listed over $1M sold in one just one day. Inventory in the $700k-$900k range is especially slim.
So what does this mean for homeowners? If you’re thinking of selling, now is the time to get your home out on the market.
If you’re buying, be extremely careful about overpaying for a home. If you can be patient, don’t be pushed into bidding too high a price (as I just saw someone else’s client do last night). We are seeing people pay crazy money for homes – we strongly advise our clients to stay within value so they don’t get buried into a house.
Check out one of our past posts How to Survive a Bidding War
For the full February 2013 Toronto Real Estate Board Market Watch, click here.
To see what the media has to say, check out the articles below…The forces guiding real estate are always local, but in the choppy Toronto market of 2013, the talk has turned to “hyper-local” strategies. “There’s been no slowdown in the house market this year. We’re seeing the same problem we’ve had for a lot of the last 10 years — not enough houses for all the people who want to buy.” “Toronto housing sales drop 15%, but no relief yet for home buyers.”
Want to know what your home is worth in today’s market? Contact us today!