I must say, I was pleasantly surprised to see that the Toronto Real Estate Board members sold 5,175 homes last month. While it is less than last year, the first quarter of 2017 was a record time, I expected sales to be less than they actually were. A further indication of the demand for homes was the fact that with over 1,200 homes for sale, my company booked over 13,000 appointments and sold over 600 homes! Without question, some people lack confidence in the marketplace. We have sellers who believe prices will increase by May and we have buyers who believe prices will drop by May. They both can’t be right. The truth of it is that Toronto is a vibrant city that is growing and has a shortage of residential property. The proof is that rents, already at all-time highs, continue to increase. (Basement apartments in Newmarket are renting for $1400 per month!)
Toronto prices will continue to keep increasing as there is a huge immigration into the city and a lack of new accommodation. This lull that we’re experiencing now is temporary and I think you’ll find that by April/May prices will start to rise again and multiple offers while still occurring, will have even more buyers bidding on properties. Buyers will be wishing that they had committed in the first quarter of the year, and Sellers will also be unhappy as they will get more for their homes but end up paying even more for their new purchases.
There is little benefit to waiting! If you’re thinking of buying or selling or know a friend who is, I must strongly recommend that you purchase as soon as possible, while the demand is less. (We’re still getting multiple offers on will price properties!). In the first two months of 2018 properties were selling at 98% of asking price, another indication of the demand for homes.
I know it sounds self-serving and if you’re not sure whether to buy or not let me share with you the information I have so you can determine the state of the market for yourself. Give me a call and don’t forget, you do have a friend in real estate!
Have a great month
(PS I am never too busy for your referrals!)
Why Choose Peter Kwan of RE/MAX Realtron When Selling Your Home?
Real Estate Professional Peter Kwan has been serving home Sellers and Buyers in Toronto since 1991. He is a consistent Top Producer and has earned many awards throughout his career, including #1 Chinese agent in Canada.
Backed by the power of the RE/MAX network, Peter uses a combination of traditional and high tech tools to market properties to the greatest number of potential buyers worldwide. His website features community and Real Estate information, as well as Listings.
Peter is fluent in English, Cantonese and Mandarin. His aggressive and unique marketing plan gives all his clients' homes extraordinary exposure. SOLD FAST, and gets TOP DOLLAR! His success has been due to personal approach and integrity * dedicated service to his clients and the industry.
Peter is tireless in his efforts to serve his clients. He understands the needs of a family. By exceeding the expectations of his clients, Peter has earned their referrals and repeat business. He has the skills, knowledge and experience to achieve your Real Estate Goals.
Why Peter Kwan? Because…He specialize in you!
Peter Sold 1 Home Ever 2-3 Days since 2006.
Most of Peter's listings sold record breaking over asking price were without ineffective open houses, staging & even no For Sale sign on the property. Peter is very happy and appreciated if the owner allow him to install an overasking sign after Sold.
Peter is so confident that if owner found any real estate agent sold more properties in Ontario than Peter Kwan within the past 26 years, Peter is willing to match their commission plus a free air ride with Peter Kwan (Pilot in Command) on his private airplane.
No Free Lunch! Peter invests close to $1 Million every year just to Advertise!