The past few months have seen the real estate market here in Toronto, Vaughan and across the GTA really turn around. From a very hot “sellers market” during the first half of 2012 to a transitioning “balanced market” towards the end of the summer and into what now looks like the beginning of a long awaited “buyers market”.
Although the real damper on sales is within the condo sector, the broader real estate market is not immune to the widely felt slowdown. Many Toronto condo sellers have begun lowering their prices while others remain in denial, hoping the slowdown won’t affect them. The reality is, prices must come down and right now it’s up to the buyer’s to be aggressive in this shift towards a buyers market when producing an offer.
- Related Article: Toronto Condo Prices Taking a Hit (Infographics)
With condo sales down over 20% year-over-year (not values, just the amount of transactions completed), many buyers see this as a great opportunity to get into the market after waiting on the sidelines for a number of years. First-time home buyers can again start looking, although affordability remains a concern even in a buyers market.
If you have any questions about the home-buying process or if you have any real estate related questions, please don’t hesitate to contact me.
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Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto real estate team. You can find him on Twitter, YouTube and Google+. For over 10 years, Ilan has provided more than 1400 buyers and sellers valued advice and service, enabling them to reach their real estate goals. He’s kind of like the Bruce Willis of real estate.