Since I’ve started selling Real Estate about a decade ago I’ve heard those words a million times, yes, that’s right. A million. I heard that from my clients and people stopping me on the street to talk about real estate. I heard it in the bathroom, I hear it in the elevator, I hear experts saying to wait.
I live in Toronto, and I’ve got news for you, its not dropping. Not anytime soon anyway.
If you look at statistics the market goes up and down, so the market technically might slow down a bit or the powers that be might implement a new rule that will stagnate the market a bit, but if you live in the GTA, the market is not dropping and this is why:
1. Too many foreign buyers
2. Vancouver potential foreign buyers are coming to GTA now
3. Low interest rates
4. Healthy Economy
5. No Inventory
6. Prices are cheap compared to other countries
7. Low Dollar
8. Low unemployment
9. Huge Population/Huge Demand
10. Easy to Get a Mortgage
While there are more factors that are involved and other factors that can slow down the growth and prices, these are pretty attractive factors that have been driving this market on an upward scale since 2008.
Now if you are outside of the GTA about an hour to 2 hours away, you are probably not seeing the same time of growth that Torontonians are seeing. That all makes sense. There isn’t enough population in your town to drive the prices up. Not enough people to bid on your house, and probably lots of land to just buy it and build your own house on. Its all about supply and demand, and right now, for people who live in Toronto and around, there is a lot of demand and not enough supply, and its too easy to afford those prices as well.
READ RECENT BLOG & ARTICLE POSTS BELOW
There has been a lot of advances in technology this year, and one of the areas is virtual staging. It has come down so much that some agents are looking at this as viable alternative to staging, rather than have the place look empty on photos and videos. In my...read more
The prices of sales in the GTA have come down 30% from last year. Let's put this stat into perspective. The prices from January to April sky rocketed and then came down after that. Of course they are going to be a lot lower since the prices jumped so much. The media...read more
The Liberal Government both at the Federal and provincial level as well as Mayor of Toronto seem hell bent on bringing down the prices of real estate to make it affordable for everybody. In some imaginary world this is going to stick. The problem is with their plan is...read more
I read the articles, I read the comments, people want information. They want it all. That is the new way of doing business. They want all of the information that real estate agents have access to, and they want it for free, and they want it now. People think they have...read more
I've had enough of these builders and you should really beware before buying a new build. Over the past 10 years I've been selling Real Estate, I've had one bad situation over another with my clients. The past two years, I've reached my limit and I'm here to say don't...read more
The purchase price of your home is only one of the costs you'll encounter. Here are other possible costs you need to consider: Mortgage loan insurance: If you are putting less than 20 per cent of the house value down, you're going to need mortgage loan...read more
When I do an open house or put a house up for sale, I always get a few questions about features that I always say, why do you want that. Here they are: 1. Central Vacuum: Why do you want to lug around a snake and try to clean the house? Its simple, its called Dyson....read more
I read articles all the time written by Real Estate agents who are trying to convince themselves that we are in a good business to be in, and that it is necessary to use an agent for every transaction. In Toronto, put up a sign and your property will be sold by the...read more
One thing that can truly help lower GTA prices are some major transit solutions. It is apparent that the GTA market and all of the surrounding areas have gone buck wild in the past few years, and especially in the last few months. So many sales records have been...read more
Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...read more
The liberal government has announced that they will be doing something to calm the renting hikes from landlords. While this is a good thing for renters, it could be a detriment to housing and landlords going forward. Some landlords have already become proactive and...read more
While the Ontario Government cut this John Tory's dream of having a great highway into Toronto short, I believe he was on the right path to increasing the value of Real Estate. When I heard they were going to add some sort of toll to cars going into the city, I was...read more
Buying a house and using the listing agent is like going into court without a lawyer to represent you. Each and every time I have a listing, I have somebody calling me asking me "what's the price if I don't have an agent and buys directly though me?" I always want to...read more
What is the one thing the liberals are looking for right now? Votes and money. The way that they will try to get both is to try and capitalize on this hot real estate market. The middle & lower class does not like the fact that they cannot afford any real...read more
Right now marijuana, and grow ups are a fairly minimal concern when buying houses. Agents typically put a clause that the owner never grew or has known about any grow ops in the house, but this is about to change next year. What is changing is that July 1st, 2018,...read more