We’re heading into sellers’ market territory again

Buyer confidence is building, bidding wars are back – and it’s finally a good time to sell again. 

The last couple of years have been rough for the Toronto real estate market, to say the least. But things are changing fast. From what I've been seeing in my day-to-day and what TRREB has been reporting, buyer confidence is finally coming back again and things are shifting into higher gear.

Honestly, I'm not surprised – because the Toronto market has always performed over time. It faces dips and challenges, of course, but long term, it always comes back. Check out the table below, which shows price trends dating back to 1978. As you'll see, they show a consistent pattern of average property prices doubling roughly every decade (albeit with some fluctuations).

Based on my analysis, we're in the midst of another upward swing following the recent downturn. I'm fully confident that in the long term, prices in the city will keep trending up. If you're in it for 5 to 10 years minimum (time in the market is always better than trying to time the market!), real estate in this city is always a solid investment.

Demand – and prices – are on their way back up. 

Inventory is being absorbed quickly. Based on the low supply of good-quality products and increasing buyer confidence, we're moving into a seller's market, at least for houses. If you've been thinking about selling, this is a good time to take your property to market.

If you're selling a nice house in a good area that's close to good schools, has good amenities, quiet streets, etc., there are buyers out there actively looking for exactly that. I would say anything under $2 million – and especially under 1.5 –  is moving like hotcakes right now. If you've got something unique or special, this is a good time to sell. 

Condos are a slightly different story. 

Things aren't getting snapped up quite as fast in the condo world – yet. You still have to have a great unit to generate significant interest. The places that face a brick wall or have awkward layouts probably aren't going to sell that quickly if at all. But if you've got a nice unit in a great building, especially if it's under a million bucks, those are moving pretty fast.

Buyers take note: this is a great time to get into a condo. I’ve been able to get a number of great deals for my clients that are well below building averages. I think that as soon as sellers catch on to the growing confidence out there, things will change fast for condos as well, but for now there's still some room and some great opportunities for buyers. 

Don’t skip staging!

No matter what the property type or how great the neighbourhood, if your place doesn't look 10 out of 10, you're shooting yourself in the foot. By not staging your property, you’re doing yourself a huge disservice and very likely leaving money on the table.

Everybody judges what they see online. If there's clutter in there, or you've got unusual wall colours, or your furniture is dated, most people will just pass it by. You have one chance to make a first impression, so maximize the appeal and you'll generate way more interest. Read my blog Why skipping staging is the #1 seller mistake.

Overall, confidence is definitely warming up and the market is moving at a good pace. 

People are buying homes again. House sellers, this is an opportune moment, with rates predicted to finally come down later this year. Buyers, there are still some good opportunities in the condo market, but that window may not last long. 

If you're trying to decide if now is the right time to sell or buy, get in touch! I'd love to help.