The market has been on a roller coaster the past few years, some months have had solid sales while other months unusually quiet. The upcoming Federal Election on April 28th is an important one for Canadians and the US government has affected consumer confidence with on and off again tariffs. It’s made it hard to forecast the market, all we can do is work with the market conditions we have today. Some good news on the economic front could trigger an active Spring Market which has so far not yet materialized.
But with this uncertainty our lives continue to unfold. Marriages, babies, divorce, death, upsizing and downsizing continues and many of these life events require a change in one’s housing status. Sales and new listings occur daily, the world keeps spinning and we have to work within the current situation to the best of our abilities.
On a positive note recent reductions to variable interest rates (currently a variable rate at the lowest level in years). Government has brought in some mortgage policy changes designed to help make housing a little more affordable has been helpful. Some of the changes include: insured Mortgage amounts have been increased up to a $1.5 purchase price from $1 Million; the opportunity to take a 30 year amortization; and borrowers no longer have to be stressed tested again if they change mortgage lenders.
Buyers are active in the market albeit still a bit hesitant and taking their time. The sense of urgency has evaporated as prices have been mostly flat for the last while. Low rise housing is fairing well, meaning detached, semi-detached, townhouses. The luxury market is strong.
The condo buyer however has the edge right now, something we haven’t seen in many years – this is where the opportunity lies. There’s more inventory to choose from and being able to negotiate on price is a refreshing change for buyers. Pre-construction condos sales are also non-existent.
There’s a lot to unpack in the current market, it varies dramatically by region and house type. To learn more and for more in depth analysis reach out to me for answers to your questions. I have the data, information and insight to assist you. As always, no pressure or sales tactics, just good solid information.
Sellers must present their property well and price realistically = the formula for success.
Buyers have more choice in all housing types and in many cases have some negotiating power!
More than ever you must have an experienced Realtor working for you! A Realtor that understands the new rules, the dynamics of the current market and a Realtor that understands the nuances of your neighbourhood and areas of interest. You need to work with an experienced full time Realtor, one with boots on the ground all day, everyday. One that has strong analytical, negotiation and communication skills. One that provides the right Comparative Market Analysis (CMA) on properties in your area, has strong project management and quality marketing, someone who can help navigate the process.
I’ve been a successful Realtor for 22 years and have worked in all types of markets. I’ve seen a lot and know a lot and can assist by providing quality insights, strategic thinking and sound knowledge. You should always receive a detailed analysis on whats happening in your neighbourhood and area of interest. If we need deeper information on an area outside of my core base area I will bring in one of my trusted Realtors from that area utilizing my wide range of contacts throughout the GTA and Ontario.
I pride myself in taking very good care of my clients and past clients will attest to that. My work is important work for you. You must have someone you can completely trust with the very best representation! I am by your side always, with no pressure sales tactic, with only guaranteed reliable, knowledgable professional service.
I would love to speak with you further, please reach out to me and we’ll get the conversation started.
Terri Perras
