Is The GTA Becoming More Of A Buyer’s Market?

How can you tell?

Well, sellers are accepting offers they might not have accepted last year.  One area of this is conditions i.e. financing, inspection, sale of current home, etc.  Another is they may be more realistic when setting their asking price with their agent in the first place.  If a seller is truly motivated to move, they will heed their agents advice and list at a price that the market will bear.  Don’t be surprised if your agent turns down your listing if they don’t think they can get the job done at the price you have in mind. It does not do anyone any good to put up a For Sale sign on a listing that isn’t going to sell.

While sellers are still hopeful they will get more for their home than their neighbour did last year, a lot of buyers are holding off another year in making their purchases in hopes prices will moderate or lower.  There is already a rise in the number of listings available but if there aren’t as many buyers out there, economic laws of supply and demand dictate prices will have to come down.

Another piece of advice for sellers, as the market shifts sell your house first, then you won’t be caught holding title and mortgages on two properties at a time.  Bridge financing has a hefty premium.  And with more inventory coming on the market you will have more choices when buying.  Otherwise, if you do buy first make sure your agent adds a condition of you selling your home first when you put in an offer on your new home.

So next week is Labour Day and the kids go back to school and the second busiest time of the year for Real Estate transactions begins.  I can’t wait.  Busy, busy, busy!