Toronto’s real estate market is an ever-changing scene. Buyers or sellers can have the upper hand depending on the season, and millennials are affecting the way homes and condos are bought. So what does that mean for you?
If you are thinking about buying or selling soon, take a look at these 5 ways that the real estate market is changing in Toronto:
1. The Selling Season
As the weather changes, so does the market. We are currently coming into Fall, one of the busiest times in real estate. Summer tends to slow down for buyers and sellers, but as both parties come back from vacation and start planning for the upcoming year, more homes come on the market.
2. Buying a Lifestyle
Many of today’s buyers are looking for a property that can give them the lifestyle they want, not just the investment opportunity. This approach to real estate means that the home search is about more than the house itself; buyers are putting just as much emphasis on the neighbourhood atmosphere, local amenities, and what trendy restaurants or cafes are nearby.
3. Up-and-Coming Neighbourhoods
In Toronto, many first-time buyers are looking in the up-and-coming neighbourhoods for a home that fits their budget. While some may be scared away from investing in an area that isn’t quite established, there are some communities, such as Leslieville or The Junction, that have rapidly developed into in-demand neighbourhoods.
4. Rising List Prices
Multiple offers and tough competition is the norm in Toronto’s real estate market because of the high demand and low inventory. In the last year, the average price for a home in Toronto has gone up by 16.7%. List prices may be high, but eager buyers are willing to pay top dollar–and more–for the right property.
5. The Internet Influence
In 2016, 92% of buyers will use the Internet in their home search in some capacity, making digital marketing more vital than ever. By combining traditional methods of advertising, such as door knocking and Just Listed postcards, with modern methods including social advertising, listings are more accessible and have greater exposure than ever.
Have a few questions about the real estate market in Toronto? Get in touch with me today and I’d be happy to answer any questions you have.