2009 has officially marked the beginning of a very different real estate market for the Midtown and North York condo scene. It’s a buyers market. We are currently faced with a stagnate market with lots of inventory of home owners forced to sell, with only a few buyers ready to take advantage of the great opportunities. However this slower market will be short lived, most projections show a slow 2009, with a strong 2010 market on the horizon. Our current real estate recession differs from those of the past…..previous recessions had high inflation, much higher unemployment, and extremely high interest rates.
Now will be the time to buy. Those homeowners who need to sell and who are caught in the present market will represent the best opportunities for great discounts to first time buyers or those moving up in the market. The inventory of homeowners forced to sell will not last for ever. This window of opportunity will allow buyers to purchase attractively priced properties without the multiple offer competition that has troubled so many of us over the past few years.
If you are a home owner and want to move up in the market to a more expensive home….now is also the time. Those who purchased in the early 2000’s and who need a bigger family home will see larger discounts on the future purchase vs. the discounts they will receive when they sell their less expensive existing property.
Be very careful if you are downsizing in this market – buying a less expensive home – this is where great care and patience is needed most to ensure you are getting a better deal on your purchase then you are giving on your sale.
Real Estate will always be an excellent investment, and now is the best time in years to buy. Don’t be the ones who wished they took advantage of the cheap prices, low mortgage rates and buyers market.
If you have an interest in Buying or Selling in the Toronto area and would like to discuss the current market, please fill out this contact form or call me directly at (416) 457-1722.