Friday, July 14, 2017
Real Estate Market Home Buying Home Selling
First-time homebuyers within the Greater Toronto Area may find themselves with more options this month as the housing market is beginning a cooldown period after being so hot for months on end.
New numbers from the Toronto Real Estate Board suggest housing sales in the GTA dropped by 50 per cent in the first two weeks of June compared to the same period last year.
That drop in sales was greatest for detached houses, followed by other low-rise homes.
New homebuyers have been somewhat priced out of the market for some time now, due to the consistent rising costs, not to mention the bidding wars that made it virtually impossible to afford even those homes that still required thousands in renovation upgrades.
But that all could change.
In Oakville and Burlington, for example, there are about four times as many listings as there are actual sales.
What was considered a “seller's market” is now the ultimate buyer's market – the idea of multiple bids happening like we had back in the early part of the year? It’s completely over.
But this cool-down period may not last very long. Some insiders are speculating that within six months, there will be a rise in sales and the market will be on fire again!
Share your thoughts with us on our Facebook page here, and feel free to contact us at The Morren Group if you need assistance with buying or selling your home.