Pretty much everyone I talk with and the Media are saying the same thing – it’s a Buyer’s Market out there!
But is this true?
Due to many factors, such as the interest rates, the average price of homes have been falling.
If you are looking to buy, properties are sitting longer on the market and there is much more selection out there.
Since February, it’s been dropping month after month. That’s a -9.1% difference if you’re keeping track and it may make you think that it’s a buyer’s market.
But consider that prices are still up +9.4% since May of 2021.
So if you didn’t buy last year at $1.1m with lower interest rates, do you feel that $1.2m with a higher interest rate is better?
Will it keep dropping? I don’t have a crystal ball, but I don’t think so.
If you’re buying your first home…
This is a great time to buy. There is less competition and conditions like financing and inspection are back in style.
If you’re upgrading your home…
It’s still a good time to buy. For most homeowners, it doesn’t matter as much. You are “selling and buying at the peak” or you are “selling and buying at the trough.”
The advantage here is that if you’re shopping for your “forever” home, you’ll have so much more selection and likely a favourable closing date.
If you’re selling your property…
If you can wait, I don’t think it’s the right time to sell just yet. Again, if you’re “changing homes”, that’s a different story.
But if you have an investment property that you’re thinking about selling, let’s consider other options like the crazy rental market or even renovating to sell in the busier Fall Market.
Do you have questions about the market?
Call me at (416) 276-4895.
Real Estate Report: May 2022
Are you looking for the hardest
working agent in the GTA?
LAWRENCE MAK
Real Estate Broker
EXP Realty, Brokerage
(416) 276-4895
Homes@LawrenceMak.com
