It is going to be a record year for home sales in the city of Toronto. Condo sales lead the way, with sales up 14%, as people look for options to the expensive and hard-to-find detached and semi-detached homes. This strong demand has pushed condo apartment prices up by 9.5%, with an average of sale price of $406,587. The average price of a detached home in Toronto is now well over one million dollars, however sales are down by 8.5%. This is due to a lack of listings, or in realtor speak, a lack of inventory.
Whether you are planning to sell or buy a property, there are both advantages and disadvantages to jumping into the frothy fall market in Toronto.
As a seller, there are many more buyers looking for property in the autumn months than during the winter. This won't necessarily mean that you will receive multiple offers, however you will be able to ensure that you will have many more potential buyers see and consider your property. The downside is that as the number of listings increase, your property will have more competition.
As a buyer, you will have a lot more competition with other buyers at this time of year, but the upside is that you have more properties to choose from.
We hear every day how hot the market is, how stressful and difficult it can be for buyers, and how the prices just keep climbing. This is all true, but with the right support and counsel, the sale of your home or the search for a new one can be both enjoyable and rewarding.
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