Unlike our neighbors down south, the Toronto housing market continues to grow. According to the Toronto Real Estate Board, housing sales in the GTA have increased about 4% and the prices continue to go up.
There has, however, been a softening in the market. For the last 10 years or so, Toronto has been operating in a crazy Seller's market. We are now approaching a more balanced market, meaning that there will probably be a smaller chance of multiple bids, and more choice for buyers.
Sellers, never fear. You can still get a good price for your home, but be prepared to wait a bit longer than we have in the past for your home to sell.
Buyers, this is a great time to buy. Interest rates are still low and, without 100 multiple offers to have to compete with, you are more likely to get an uninflated price.
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