21 Aug Wait And See – Or Not?
As Toronto home prices have continued to cool over the summer months, which is consistent with the historic trend, the feeling is that this time a lot of buyers are taking a wait and see approach and asking, “will prices continue to fall come September?” Although, sitting on the sidelines through July and August seems to make sense to them, as a Realtor that focuses on the midtown and downtown neighbourhoods of Central Toronto, I am still seeing housing in specific areas commanding multiple offers.
Here is an example to illustrate just how healthy demand for homes is, in one specific neighbourhood in Central Toronto. A few weeks ago, I viewed a property in the Yonge-Eglinton neighbourhood with one of my clients. This property attracted a significant amount of traffic between list date and offer night (1 week). It was in a prime location, and attracted upwards of 10+ offers on offer night – in mid-July! That represents strong demand. In fact, the property ended up selling for more than 50% above the asking price.
I know that in specific neighbourhoods, there are still a significant number of buyers waiting to pounce on the next opportunity that hits the market. As demand for Toronto real estate has become hyperlocal in nature, it is critical to understand a specific neighbourhood’s dynamic, in order to gauge how pricing will be affected in the future. A deep-dive analysis on a neighbourhood provides an educated way of determining whether a wait and see approach is wise.
If you want to dig deeper and find out more about your neighbourhood, or a neighbourhood of interest, feel free to call, text or email me anytime. I am always willing to share valuable insights to help you make smarter real estate decisions.