As late as March 2017, Stomp Realty was averse to the plight of many prospective home buyers, citing the abnormally high prices. In October, real estate in the wider Toronto area is enjoying the most affordable prices in years! All thanks to the Ontario Fair Housing Plan, prices have reduced by as much as 35% last month. The crackdown on local scalpers and new landlord rent caps are some of the contributing factors.
As a Toronto real estate buyer in the many sprawling neighborhoods, is this the exciting chance you’ve been yearning for? Right from Kensington Market to Humber Heights, here are five intriguing facts regarding the Toronto Market currently;
It’s A Buyer’s Market
As currently constituted, it’s better to buy than to sell in the Toronto Market. The latest Canadian Real Estate Association report indicates that the surge in new condo listings has tipped the listings-to-sales ratio; it has lowered below 40%. At Stomp Realty, we fully appreciate this balanced ration between 40% and 60%. As a buyer, you will now enjoy even greater choices; simply contact us today!
The uptick anticipation by home buyers has now paid off, with many condo listings of affordable coming up in all Toronto neighborhoods we specialize in including Little Italy.
We’ve Stuck Around as Seasoned Realtors
A real estate agent’s importance in the fluidity of the market is invaluable. As a home buyer, you are exposing yourself financially when dealing with a green agent; their appetite to make a quick buck far surpasses the prevailing market trends. With more than 20 years combined experience, we’ve learnt enough to prioritize client satisfaction above all else.
Our worthy connections and irrefutable knowledge will soon get you the best real deals and condo ownership. We are well acquainted with working through market upheavals.
Landing a Mortgage Will Soon Become Tough
Over the past 5 years, the Toronto real estate market has enjoyed incredibly low interest rates; this has persisted for long into duping first-time home buyers of lower mortgage rates. These super-cheap rates will soon be coming to an untimely end, awaiting the new mortgage rules slated for implementation. As a low-ratio borrower, you might soon be required to show more proof for mortgage compliance. Once the changes are finalized, they will potentially shave off 21% of the typical home buyer’s budgetary allocation.
Condos Are Still Expensive Even With Lowered Prices
Unlike the previous market trends, traditionally priced homes and condos are becoming less affordable. We, however, have in depth information on the least priced location with impeccable facilities. Condo Chicks is especially keen on the condo buyers with already existing equity, looking to scale even higher in the market. The affordability prospects have never looked better!
The Market Can’t Be Timed
The sales mindset of ‘buy low, sell high’ does not apply to the Toronto real estate market. As a long-term horizon investment, we wholly recommend for a savvy approach to this. Always remember that the market remains fluid, with no particular peak season. Keeping a positive and open mind will take you further than you ever prospected.
As you make his new venture, Stomp Reality is dedicated to guiding you every step of the way. We look forward to offering you the best Toronto condo and real estate incentives. Contact us today!