7 things buyers should expect right now

7 things buyers should expect right now

Right now, the Toronto housing market is making headlines and breaking records. Properties are being snapped up in days (and sometimes hours), often for well over asking. There’s a ton of demand - and not a lot of inventory. So what do you need to know to compete? We've got seven tips from our top agents to help you navigate the craziness.

  1. The market for houses is nuts, but the condo market is... less so.
    If you're looking to buy the Holy Grail of Toronto properties (a detached or semi-detached house in the 416), you'll have some serious competition on your hands. But right now, condos are a slightly different story. Things have softened a bit in the Toronto condo market, and there's more inventory and less competition now than we’ve seen in a while, making condos a more accessible goal for buyers right now. Of course, that doesn't mean you won't face competition for a great unit in a good location. You'll just face a little less than you would for a house (say, three offers instead of 18).

  2. Get your ducks in a row first.
    Despite a slight softening for condos, we aren't in a market where sellers are going to be open to low-ball offers or a bunch of conditions, and they aren't going to sit around and wait till you get your financing figured out. So before you start your search, you'll need to be pre-approved for a mortgage, know exactly how (and how fast) you can access funds for your deposit, and have a very strong idea what you're looking for.

    Couple researching on their laptop
  3. Do your homework before you look in person.
    Make sure you’ve thoroughly looked at the property online before coming to see it in person so you're ready to ask questions and make a decision quickly.

  4. Be ready to act FAST.
    The market we’re in right now doesn't encourage browsing or thinking too long before making a decision. If you don't pull the trigger quickly, someone else will.

  5. If you're looking for a house, there isn't a ton to choose from.
    Inventory is low and buyers are often taken aback at how little choice there actually is out there, especially when it comes to houses in the 416. Condos, as we mentioned, are a little different, but you may be surprised how few actually check all your boxes. It could take awhile to find what you want, or you need to be willing to compromise.

  6. You may need to be a bully.
    Multiple offers are the norm again, and if you've lost a great property (or properties) to a higher bidder, you'll know exactly how much that can sting. Some buyers stack the deck by coming in with a bully offer: one that they present before the offer date and is significantly above asking, putting other buyers out of the running before they even have a chance to make an offer.

    Real estate agent on the phone
  7. Money talks.
    If you’ve found the place you want, be prepared to show the sellers the money. While some may be swayed by a great story or a sweet family looking to move in (rather than a flipper or a developer), most people want two things: the most money they can get and the least amount of hassle. It's in your best interest to make the transaction as easy as possible for them: no conditions, no waiting, no drama...and make your money talk.

Navigating the Toronto housing market right now isn't easy. It helps to have an experienced, knowledgeable agent in your corner – one who knows how to move fast, make smart decisions, and negotiate like a champ. Need someone to help you land a great property in a hot market? Contact one of our Condo Pros today.

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