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Real Estate Market
Mar 20, 2018
Changes in Real Estate: Market Slowing Down
Adapted from Carolyn Ireland Globe and Mail
In early 2017, Patrick Rocca of Bosley Real Estate presided over properties with upward of two dozen bidders and offers excluding conditions and mind-boggling amounts offered above the asking price. Recently a detached house in Leaside had two bidders and the property sold under the asking price. Although an identical house sold for over $300,000.00 more than the listing price at this time last year both the buyer and seller are happy with the outcome.Mr. Rocca says , some properties are selling with multiple offers but they are now on condition of financing. The condition is not removed because the banks tell them not to. Lenders are concerned people will get carried away and the property won’t be appraised at the sale price plus the added entity of the “stress test” means a sale on offer is no longer guaranteed. Both buyers and sellers need to remain rooted in reality. The market is inconsistent and off to a late start.
Mr. Rocca states that the market is down in pricing.The Toronto Real Estate Board show the average price in the GTA dropped 12 per cent in February year over year and sales plunged by 35% in the same period.
Expert Opinions on real estate
Many industry watchers say that the fortunes of the GTA real estate market vary tremendously by neighbourhood. Toronto based real estate firm Zoocasa recently mapped out the rise and fall of individual neighbourhoods in the 416 area code to show which areas are heating up and which are cooling. Both buyers and sellers can peruse the information to scope out affordable pockets and decide on a bidding or negotiating strategy. Many of the areas on an upswing are located farther from downtown possibly because buyers were priced out of more central neighbourhoods due to the stress test. Flemingdon Park, Thorncliffe Park and Leaside have fallen three months in a row for example. The average price for a detached house in the city of Toronto fell about 18% between last April and the end of February 2018.
Paul Maranger of Sotheby’s International Realty Canada says buyers and sellers are adjusting to a different mood so far in 2018. He advises sellers to set a realistic price and buyers to move when they see the right property which is opposite to his advice last year when there was a shortage of listings and anxiety about rising prices therefore possible making irrational decisions There is now a less hurried pace. Most sellers understand that last year’s market was completely abnormal and this year is very different.
He says some agents continue to time their listings to the rhythm of the school calendar but he believes the schedules of many people are more fluid these days therefore buy when ready.
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