3 traits of successful buyers

If you’re looking to buy a home, you’ve probably noticed there aren’t a ton of properties for sale in Toronto and the GTA right now – or there may be stuff for sale, but not necessarily what you’re looking for. Sellers are only putting their places on the market if they have to – otherwise, they’re sitting back and waiting until the market picks up.

So how can a buyer land a great place when there’s not much to choose from? 

By leaning into these 3 key traits, you’ll be a lot more likely to succeed as a buyer, and finally, find a home you love. 

Trait #1: Be realistic. 

After seeing all the headlines about market crashes and how much prices have fallen in the last year, people often think they’re going to get crazy deals on homes. Prices are certainly lower than they were at the height of the market. But those kinds of rock-bottom “fire-sales” people expect just aren’t happening right now, at least not on anything I would recommend as a good investment.

A lot of people are passing on nice places because they’re waiting for prices to drop even further: they're more concerned with the deal than finding a place they really love. And because they're so focused on finding the lowest price, these bargain hunters could end up missing out on the perfect property. Markets fluctuate, and prices go up and down, but the fact of the matter is, that perfect home may not come up again, especially if you’re looking for something special.

Buying a home is about more than just dollars and cents. It’s your life, and you’ll be living there for at least 5 or 10 years (ideally). Would you rather pay a bit more and get into a place that’s got it all? Or get a great deal on something that doesn’t meet all your needs (which you will regret later, guaranteed)? 

Of course, you want to be cautious about how you’re spending. I get that. And you definitely should be careful. But if you can afford what you love, don’t get too caught up in the nitty-gritty of the market or interest rate fluctuations, or the non-stop noise in the media. At the end of the day, this is Toronto. We're in a housing supply crisis in a world-class city. As soon as people realize ultra-low interest rates aren’t coming back and the new 5-6% are the norm, buyer confidence will return, and the market will go back to a new normal. 

But, having said that, there are lots of opportunities to negotiate deals. If you don’t try, you’ll never know how good a deal you can get. So make an offer and see how the sellers respond. If they don’t come back with a number that makes you comfortable, then move on. (It’s also a good way to see if your expectations are reasonable or not.) 

Trait #2: Be resilient. 

I get how easy it is to get frustrated when you’re looking and looking and there’s nothing out there you want or that you can afford. Selection isn’t always great. Sellers might not want to negotiate if they have something special. And you might go on showing after showing and not see anything you love. 

But my advice to you is to keep on keeping on. With so few available properties, it’ll probably take some patience before you find “the one,” especially if your criteria are super specific.

Trait #3: Be relentless. 

You never know when that unicorn property will show up. So you should always be looking. Your perfect property could come out on New Year’s Day or during March Break or when you’re away on a family vacation. It could come out tomorrow or next week or next month. So you need to stay active, and make sure you work with an agent who’s checking all the on- and off-market listings, every single day. Using our condos.ca and property.ca websites allows you to get listings alerts instantly, as soon as they hit the market.

It’s a tough market out there. But if you keep those 3 traits in mind, and give yourself time, you’ll find a home you love. 

Start now by searching listings on condos.ca or property.ca. 

Need an agent that’ll help you land a place you’ll love? As always, get in touch!