Now we are seeing more and more of a balanced market.
Less buyers are trying to get a very good (aka very cheap) deal and realizing there is no deep dig in the GTA real estate market on the horizon.
We have enough statistics on the 2018 sold prices in almost every area to be able to compare them and to suggest to your clients when they should put an offer up.
The challenge
The biggest challenge for buyers is to get financing. It is not that difficult to get financing in general, but it is challenging to get it with lower rates. There are more and more financial institutions coming onto the lending market with attractive new programs for buyers as the sales volume decreases and affects financial results of financial institutions. Generally speaking, though, overall rates are climbing up.
The market
It is very unusual to see more activities on the market in May compare to April. I have a property listed in south Mississauga from April and a very similar property in May. In April, we had 9 showings and it was sold after 28 days on the market, and in May, it had 20 showings and it was sold on the fifth day.
Another good thing about this unusual market is you have to be really creative in order to sell the property and to be ahead of the game.
Realtors need to be creative
This month I decided to experiment. I have one property where I had difficulty attracting visitors. It is in one of the smaller cities, but very close to the edge of the GTA. I decided to build a special coloured poster with a picture of this house and the exact price, and install it in a busy area of the city where all the builders install their signs to advertise. I will update you on what happens in the next issue of my newsletter.
Some stats for Mississauga : The cheapest condo studio in Mississauga you can buy is at 3501 Glen Erin, and the asking price is $229,000. The cheapest townhouse is going for $278,000 at 1050 Stainton Drive 3brm 2 wsrm for 278.000 with Electrical Heating.
Change is Coming for Ontario
The real matter for Toronto prices and sales is psychological because the economy is uncertain. Home prices are trending downward strongly, NAFTA is troubled, world leaders are threatening trade tariffs, and the provincial election is coming.
Ontario’s provincial taxes have become crushing and the Liberals have shown no mercy. You have to be a genius if you want to be a successful business person here. Although Ontario has an aging population, there is incredible intellectual capital that’s being wasted. We’ll see more people leave the province even with a new government.
The closure
No one can predict what incoming Premier Doug Ford is going to do. Will he toss the market a parachute, open up development and then delete the repressive taxes? We sure hope so. The results for the economy will make news across the world and we’ll go from a laughing stock to free market leaders.
Call for help
Eugene Feiguelman is specialized in houses for sale in Mississauga, Etobicoke and Oakville. Contact him today for your Real Estate needs!