Let it snow, let it snow, let it snow. Who needs the snow in Toronto when we’ve been blessed with an abundance of falling condo prices! Christmas arrived early this year for condo buyers in Toronto looking to save thousands of dollars on their condo purchases. With boxing day style price reductions, savvy resale condo buyers in Toronto are knocking off 5-10% with the help of a skilled Realtor.
In the past week alone, I have negotiated down three condo units 5 to 10 percent lower than their asking prices. In Toronto’s booming condo market which has favoured the Seller for the better part of the past decade, this is huge! It is expected that this ‘Buyers Market’ will hold throughout the winter months as supply remains high while demand has somewhat tapered off due to buyers putting moving plans on the back burner while focusing on the holiday season which for some means kids home from school and for others, a hot tropical vacation in the weeks ahead.
Many real estate and economic analysts have suggested this pullback of pricing is only temporary and is largely due to stiffer mortgage regulations which were introduced just as the market was already showing signs of cooling heading into the historically slow winter season. If the past is any indication of the future, you can bet that prices will rebound by the time we pull out our umbrellas in the spring.
Buyers, if you’re looking to purchase a condo within the next 6-12 months, now might be your most opportune time. If you have any questions about the condo market or any other real estate related question, 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.