The weather wasn’t the only thing that was cool and calm this April in Toronto – home sales throughout the GTA have also slowed to a more leisurely pace. This is not necessarily a bad thing – far from it.
Rising mortgage rates have put a damper on what some media pundits had called a “runaway” growth in the housing market. Not that we agree with such sensational stories either – tighter regulations in Canada means a housing bubble is not likely.
What we are seeing is a healthy, balanced market materializing in the upcoming summer months.
The downtown Toronto house market (The Annex, Little Italy, Niagara, etc.) and the east end of The Beach are currently in the lower end of this balanced market. The majority of The Beach, Riverdale, Leslieville and Danforth Village are still in a seller’s market however this will most likely change by the summer. The downtown condo market has already entered buyer’s market territory.
Overall, more homes are now on the market, meaning buyers now have a better selection to choose from and more time to consider all the options.
Sellers are no longer guaranteed that buyers will beat a path to their door. We recommended that sellers take the time to make sure their homes are in good shape. Patience and diligence will be rewarded.
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