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Looking to purchase a property? Now is the time!
| Blogs for Buyers
You hear it over and over again. Hype about the spring market. How the fall is the “best” time to buy. Well buyers, we’re here to let you in on a secret: the best time to purchase a home is NOW.
We know – the headlines can be confusing. Predictions of a crash, speculation of drastically increasing mortgage rates…it can be confusing for anyone who’s actively following the market, or just pays attention to Toronto news in general.
Good thing we’re the experts, and we’ve done the digging; pulled out the good (and TRUE) stuff, and created this handy blog post for you. So without further ado, read on!
There Are More Properties Available on the Market.
Let us give you a bit of a breakdown. According to the Toronto Real Estate Board’s (TREB) most recent market report, the number of new listings for the month of May was 25,837, with a total of 8,451 in the city of Toronto. This is an increase of 48.3% compared to May of 2016, which showed a total of 17,412 new listings – almost 50% more properties were available on the market!
Properties are Selling Closer to Their List Price.
Although prices continue to increase, it is imminent that the market is starting to cool. The average sale to list price ratio in the City of Toronto has dropped 5% from April, from 111% to 106%. This means that properties are selling closer to their listed price.
Expert Economists Are Predicting a “Correction” in the Market.
The newest tax legislation may actually be working to regulate the market. According to a CTV interview, President John Pasalis at Realosophy stated early reports for June numbers show a downward trend, which indicated a potentially sharper drop in the GTA than the 20.3% dip the market took in its year-over-year numbers this May. Although this is only an early prediction – we’ll have to wait until the beginning of July for the final report – this shows that the market could be correcting itself.
Great news, right?! However, on the other side of things…
Prices Are Still Climbing.
The market took a slight dip in May, with an average home price of $899,728 for the City of Toronto. (We use the word “dip” with the caveat being that they rose by over $100,000 compared to last May.) The average price for a home in Toronto for the month of April was $943,947, and in March it was $899,452 (February $859,186…see where we’re going here?).
The market is steady, but prices are rising at a lower rate than they were at the beginning of 2017. This means that although the market may s…l…o…w down so to speak, prices will continue to rise compared to previous years. It’s best to get in now because even if things slow down, prices will likely continue to rise year over year (remember when you waited until “next year” to buy in 2016, when you could have paid $100,000 less than you will today?).
So what’s the take-away you ask?
At the end of the day, it’s about what you can afford and it’s always important to budget and research before making a massive financial decision like buying a property. However, getting into the market now in any capacity during a cooler period is likely your best strategy. There are more properties to choose from now than there have been all year, and early reports for the rest of June are predicting another decrease in prices.
Are you ready to jump in feet first and make a purchase? Does all this make your head spin? Either way, we’re here to help! Contact email@example.com and we’ll assign one of our awesome real estate experts to help you find your perfect home. Happy buying!
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The Christine Cowern Team is the best real estate team in the GTA! Catherine was exceptional from her response time, to experience in closing our deal. We would highly recommend this team to all our family and friends! Their network of resources and knowledge in the industry create a stress free experience.
I’ve met Christine several years ago as I rented her condo. I quickly realized then that she was very professional, organized and committed to making it right – It just made sense to work her when we decided to buy our own place. Since then we completed 7 real estate transactions with Christine and her Team – buying, selling and leasing and the process is always flawless. From prep to list to referrals and after deal services, we couldn’t ask for a better Team to work with. Thank you!!
If you want the best in the business, get The Christine Cowern Team. Christine’s knowledge, natural charm and professionalism got me the results I was looking for in the process of buying and selling my property(s). Her expertise and dedication sets her apart from the rest. When my questions and concerns were immediately answered, I […]
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Worked with Tara and the team to have an investment property leased out. Off the bat, I communicated to the team what my goals were and what my ideal outcome was. The team was able to achieve of my ideal scenario! The results were amazing but more than that, you get a full service approach […]
Christine and her team were amazing. We worked with another agent before we found her, and sat biting our fingernails through four months of inaction. Then Christine came in, and within 8 days of listing, we signed back an offer that was eventually to sell our home by day 13. But beyond the great work […]
I was so happy with all the effort, I used Christine’s team for the purchase of my new home too, again they went above and beyond ensuring I make the right choice for my needs without any pressure from their side. And I have to say I’m was again so pleased to have them on my side.
We are very happy we chose to work with the Christine Cowern Team! We still can’t believe we were able to purchase our dream home in this crazy Toronto market. Although the process of purchasing a home in such a market can definitely be a daunting task, Christine and her team were there for us every step of the way and listened to our needs.
We were beyond happy with our selling and buying experience with the Christine Cowern Team! Both Christine and Tanya are so knowledgeable, organized, and responsive to any questions or concerns you might have about the process. You really feel like you’re getting a team service when you list and buy with them. They will try […]
We’ve worked with Christine on three transactions in the last couple of years and found Christine to be responsive, personable and very proficient at getting the job done in our best interest. What really impresses us is that even after the transactions are over (couple of years later), she’s still very responsive to any questions […]
Chad was our wonderful agent. He knew the market well, was happy to answer our numerous silly questions at all sorts of hours (sometimes responding to us as early as sunrise to late into the evening), and he was always punctual despite Toronto traffic which really adds to his professionalism.
Tara has been so great to us over the past few years offering advice, hours of searching/showings and doing everything possible in the dreaded buyers bidding war! Looking forward to working with the whole team again!
It was such a fun, exciting and stress-free experience working with Christine and Chad! From beginning to end, they were so great as they took the time to understand our needs so they could make great recommendations since we were new to the city. We were also incredibly impressed with entire support team, including Lori […]
This is the second time that my wife and I have worked with Tara to buy/sell our home. The approach that she followed as part of the Christine Cowern team was ideal for my wife and I, professional. The first thing she did was listen to what we needed and what we wanted. Then she […]
Great experience from start to finish with the Christine Cowern Team. I would highly recommend their services to anyone selling their home. The staging consultation and rearrangement of my home decor I believe was key in getting a higher return on my investment. I was concerned that being overseas during the listing of my condo […]
*Zero stress and Record Selling Price* Christine and her team (Tara) are the best in the business, in my opinion. From reviewing the market for a period of time before Listing my property, to the process of collaboration on how to best showcase my home and establishment of the right price when going to Market, […]
My work schedule involves traveling often so I needed someone to handle the sale of my rental condo smoothly. Christine was the perfect choice. Christine took care of all the details, including ongoing communication with the tenants to ensure showings went off without a hitch, and kept me informed the whole way. I am very pleased with the sale (we received multiple offers and sold the unit for over the asking price in less than a week) and will be recommending Christine to everyone! Thank You Christine!
On the selling side, Christine helped us to market and sell our place on short notice and really pulled out all the stops. She worked hard and got us the best deal and met our quick closing date. Throughout it all, she was extremely professional and seemed to really care about us as clients. I highly recommend Christine and her team!
In a word, WOW! Christine and team definitely care and put the work and attention in to every single detail to deliver the sale (a rather complicated assignment sale at that)! I could not of been more impressed and it was a true pleasure to work with Christine – she had my back and made […]
We dealt with Christine for the purchase of our new home and also the purchase of our second. She is amazing to work with. We couldn’t be happier. We have also used the services of her team and identifying vetted contractors. I can’t recommend them enough. 😀
Christine and her team of real estate professionals were instrumental in getting our Mothers home sold. Bottom line, Christine is a problem solver. Having said that, she is also compassionate, trustworthy and understanding. She always kept our families best interest at heart and acted with professional integrity and every stage of the sale.
Christine Cowern And Tara Crooks, thank you, thank you, thank you for making the whole process of purchasing my dream apartment so easy. Tara Crooks was amazing throughout the entire process. Word of mouth is the best advertisement, I assure you I’m telling everyone of my positive experience with your team.
We had a fantastic experience working with Christine and her team. We ended up finding exactly what we were looking for, and it was their patience, persistence and professionalism that got us there. Highly recommend Christine!!!
My wife and I have used Christine and her team to list and help us buy twice since 2013 (sold two properties, and bought two properties within that time), and she and her team are simply amazing. Not only are they absolute sharks in the market who will get you what you want for your […]
Catherine is the best person you could ever have when looking for a property. To date she has found me a place to live not once but twice. Both times I was completely happy with what she found for me. She worked tirelessly to find my perfect home & would always be honest when showing any property. She […]