The Wright Sisters Group | Union Realty Brokerage Inc. - The Beaches, Leslieville, Riverdale and East York Real Estate Specialists – Your East End Toronto Real Estate Team
01 June 2017

As the market changes and the media spins it, we are often asked: what's really happening with the market? It's amazing what you notice when your real estate antenna is up. 

With three generations of experience we know a changing market. In fact nobody knows it better.  In Toronto we are in a strong sellers market and we have been for a long time. It's great to live and work in an area where your home can be a blue chip investment. 

According to the Toronto real estate board we have a listing supplyof 1.1 *months and that is increasing. A balanced market typically has a listing inventory of 5 months. A buyers market is when we have a listing inventory of more than 6 months. A balanced market is a good market for both buyers and sellers. In the GTA we have been in a strong sellers market for many years. This is a result of the simple economics of supply and demand. 

We are fortunate to live in an area of the province where our investment in real estate returns so well.  As the supply of available listings rises it gives buyers the opportunity to take their time and look at a few houses before choosing one. 

So what does it all mean? 

Don't ever react out of fear. For instance when purchasing a home and you are thinking that if you don't buy this week you will never get into the market - this can lead you to make a rash decision in your purchase. Do your homework, check out the neighbourhoods you want to be in, and the surrounding neighbourhoods, and get your mortgage financing approved. We can help you with this. Go over your wish list and decide which areas are not up for compromise and those that are. Do you need 4 car parking or is a finished basement more important? 

If you are a seller get to know yourself a little better. How much tolerance do you have for risk? Do you want to sell first or buy another house first? If you sell first you know how much you have to spend on that new home although you risk you may not find it right away. We always suggest getting out to look at some potential homes. Reassure yourself that what you want is out there. On the other hand you may be more concerned about the house you will be buying next and you want to find it and buy it before you sell. The risk in buying first is that you may not sell for the price you thought you would - or in this market you may sell for more and bank some extra money. 

Either way do some soul searching whether you are buying or selling. 

If you are a seller there is nothing more important when selling your house than working with an experienced realtor who knows the market and can anticipate and confidently negotiate in a changing market. A realtor who knows how to find the buyer who can pay the most money and give you the best terms. A realtor with experience in your neighbourhood. 

If you are a buyer, again there is nothing more important than working with an experienced realtor who can negotiate a deal for you if there is one to be had. A realtor who will find the opportunities and get you front of line for a deal. Remember although there are more houses on the market for buyers to choose from we are still in a very strong sellers market.

Rochelle Declute, Broker of Record Union Realty Brokerage

*Based on TREB (Toronto Real Estate Board) Market Watch statistics for the City of Toronto April 2017