“The average selling price in the GTA will continue to grow this year but at a slower pace compared to 2012.” – TREB Market Watch
What does this mean for sellers and buyers? As a seller can I price my home whatever I want and it will still get sold quickly at the price that I want? The reason prices are still steadily climbing the inventory is quite low especially with low rise home types. There are very few sellers. And because of the mortgage rules change less buyers as well. Those that are selling take the advice of their real estate agent on how to maximize the sale price if and when they decide to sell. – Pricing it right.
Most of the would be sellers feel the time is not right to sell the property. “Let’s hold on. The market will be better in the spring.” Most of the incoming inventory will come from people rightsizing – Zoomers. And most of the zoomers don’t really need to sell.
For people upsizing in this market it would be advisable to buy your resale home first and then sell your current home. They contribute to the increased demand but do not contribute to the inventory.
As for first time buyers they contribute to the demand. A lot of them still want to make their move even with the new mortgage rules since prime interest rates are at its lowest. Unless you are renting your parents basement it is now better to own your place rather than rent. Even in the city. Because there is a correction going on maybe condos are good options.