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The fall tends to bring in a new wave of home buyers and sellers who’ve sat back all summer thinking about a move while kicking back with a few beverages at the cottage. And before those cold, short days of winter kick in they’re in full throttle real estate mode as the fall market begins. Without further ado, here are our predictions for Toronto’s fall market in 2018:

  • Manageable Competition: In a Toronto real estate market that’s too competitive you always see one side do better than the other. It’s no secret that the last few years was more of a sellers than buyers market, but what about now? Well it’s still a little competitive, but not unmanageably so. This means there’s houses coming onto the market, and buyers are still anxious to see them, but not in that single-minded kind of way that makes people become obsessive. Instead, there’re still some bidding wars, but not crazed with up to 20 offers per house like we’ve seen in past years. That means that sellers will still get more than a fair price for their homes and buyers won’t be paying a sky-high price – so a win-win all around. 
  • Bargains Beyond the 416: If you’re looking for a bargain, there’ no use sniffing around the 416 areas. Instead it’s out to the burbs, or at least 905 land where homes are selling for more reasonable prices and you’ll get more bang for your buck.
  • The Location and “THE” House are still in demand: Nothing really changes when it comes to the right home in the best hood. That means when those hit the market, they’ll still be the go-to listings everyone wants to see, while the less than perfect properties will need to work a little harder (Humble brag: our kick-ass staging and professional marketing will go a long way in helping you be a super competitive seller)
  • First-time Buyers Move It!: With the threat of another increase to interest rates, first timers will be trying to buy before it happens. We’re talking October 24th here people, so if you want to get in while the gettin’s good, you’ve got to be looking now to avoid paying increased prices. If you’re not sure, a good idea is to at least apply for a mortgage and get pre-approved at current rates so then you’re guaranteed the current rates when you start looking later on.  Next, you might want to jump on the band wagon as prices will probably keep increasing as fall progresses. Start looking now, before this happens. Last but not least, those awesome condos are going to sell themselves, so you want to get in there before you miss your chance.
  • Hot, Hot, Hot Condos:  Condos are going to remain a high demand property type and bidding wars were brutal this spring especially for anything hitting the market under the $500,000 mark. These units are popular not only with newbies, but also experienced investors looking for a rental property. Again, if this is something you’re thinking about doing, get that pre-approved mortgage and do some real estate lawyer research so you have someone to review the status certificate. Check out our Condo & Loft guide here.
  • Toronto Schmaronto: That’s right TO lovers, more and more people are making a move out of the city. We’ve been helping sellers do so and it makes good sense in a lot of cases. When you figure a seller can get some nice coin for their Toronto home and use that to live mortgage free in some charming spot outside the city, why wouldn’t you? Can you say cash rich?
  • Looming Investors: They’re always there, looming and waiting for the market to seem ready for their next opportunities. As housing prices stabilize the market won’t seem so expensive and investors can enter it with less competition. As well, investors won’t be so keen on an interest rate hike so will want to get in there before the predicted October 24th increase. Thinking about investing in real estate? Check out our various blogs on investing to help you learn the basics.
  • Movin’ on Up: With condo prices so high, we’ll see the move-up buyers doing well. They can finally sell their condos and buy a larger house without having to use their first born for collateral. With condos in such high demand, and a calmer more approachable housing market, this is their time to seize the moment and finally get that backyard and curb appeal they’ve been dreaming of. 

Are you planning on buying or selling this fall? Click here to connect!

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