Unsure About the Market?
There are not “more” listings on the market this May. There are a lot of canceled listings that have been re-listed because the sellers did not get what they wanted on offer night. This jump in inventory has led buyers to believe that there is more to choose from and that the market has suddenly shifted. Demand is still strong, and homes from which to choose are still finite.
One wonders, is this “cooling” that the media speaks about a function of the Ontario Fair Housing plan, or simply a result of other forces. Buyer’s fatigue, seasonality and a pause by those who have erroneously treated Toronto real estate as a commodity may also have contributed.
If you are looking to buy a condo in Toronto that was built from 1995 – 2005, chances are it has “Kitec” plumbing in it. This type of plumbing is no longer used because of its vulnerability to premature failure. If you come across a building with Kitec, it does not mean a death sentence to the unit – you just need to make some changes. They could cost from $5,000 – $15,000.
Realtors are in the people business selling homes, NOT in the home business dealing with people. It is as refreshing to meet agents who understand that concept as it is exhausting to meet those who don’t.
If you’ve bought another property and are selling your current home, get your lending secured right away. If an appraisal is required, you want it to come in from sales data from the winter and not the spring.
A heated market allows crummier homes and crummier agents to get WAY farther than they should have.
If you are taking offers anytime, DEAL WITH INCOMING OFFERS. If you are holding back, HOLD BACK. Don’t change your mind. If you are complacent about being fair, you probably shouldn’t expect your buyers to be high-minded when dealing with you.
Whether you are scalping tickets or property, you are still screwing people who deserve the item most out of paying a reasonable cost for it.
Data from heated markets in the United States has taught us that high house prices push out low income families and minorities. I fear a homogenous society and you should too.
The housing market has nothing to do with Avocado toast. Avocado toast has nothing to do with the housing market.