2018: REAL ESTATE IN TORONTO – What to Anticipate
2018: REAL ESTATE IN TORONTO
We made it to 2018 and it looks like it will be a fabulous year for the Real estate Market in Toronto and especially for the first time home buyers.
If you’re in Toronto and you are a first time home buyer there are several factors that you can look out for that will help you in making a better-informed decision in purchasing your first or even your second or third property. While we all have access to large amounts of data each day it is crucial that we are able to make sense and extract this data to our benefit.
The main factor that can play a crucial role in your purchasing power and requirements is knowing when exactly to shop. That is, knowing when exactly to Buy or Sell and how to avoid peak markets which can make an impact on your purchasing power.
Let me elaborate:
If you’ve experienced the Canadian winters you knew exactly what it can entail, -0 temperatures, freezing rain, snow and many fluctuations throughout the day. You may begin your day with sun in the morning to having showers or snow by lunch or the other way around. Although this does make life interesting, many would confess that they are not optimal conditions for planning a move, a purchase or looking at houses. But we are here to show you exactly how first time home buyers finally have an incentive to jump on the property ladder in the GTA.
Factor one: Avoid Peak Markets and buying real estate during “High Season”
New Year brings many changes for a large percentage of the population, people are relocated, get professional promotions, find new jobs, start new careers/businesses and students begin universities move into job placements etc. all requiring change and new habits. All these life-changing events require many people to find new homes or sell their homes in order to relocate.
This is your chance! Don’t let the weather be on your opposing side, as January is one of the easiest months to find the property you have been waiting for in order to shelter your family’s needs. In general, the winter months are usually slow just before the spring hustle market and this means that buyers can actually find a property within their means as opposed to other months in spring and onwards when the market is in full bloom. First time home buyers have more leeway to do research and find a suitable property without having to play tug of war with other potential buyers. The reason for this is that seller usually has to sale in order to move forward in their lives and settle into their new environment without having the luxury of time on their hands. They are motivated sellers as they have already made plans for their immediate future.
Therefore buyers are faced with eager sellers and can, therefore, negotiate on better terms.
What does this entail for Sellers?
The sellers, on the other hand, haven’t been dealt a bad hand, on the contrary. The reason for this is that because not many houses are on the market, their property is one of the limited options available for the buyer. The competition is smaller. In reality, the turn around is quite short and the house sales faster than in the spring months just in time to get their personal affairs together. Without the hustle of waiting they can move forward with their new life.
Also, Sellers should keep in mind that exactly because there are fewer houses on the market your property has a higher chance of being chosen by potential buyers and at a better price due to the supply-demand ratio.
2018 will be a fabulous year indeed making house buying easier for the first time home buyer.
Other incentives / factors for the first time buyer involve:
- Land transfer property tax rebate for first time home buyers.
- Continuation of low mortgages rates for buyers (hey we are in Canada).
- And more selection of condos within financial reach and within transit reach for commuting purposes for the young professionals who don’t want to be looking for parking in the Downtown Core.
Each factor is very crucial for the first time home buyer and I believe it is only fair to dedicate an article with respect to each individual factor in the weeks ahead.
In that respect, please do not hesitate to comment, inquire or suggest topics that would interest you and make an impact on your real estate Journey.
We are here to make sure we inform, guide and protect you while we make this an enjoyable experience.
For all your real estate needs in Toronto, I can help! Let my experience help you navigate the current market. Have questions, give me a call, send me a text or email, whatever is most comfortable for you.