Is the real estate market about to spring back to life in the GTA?
The Spring market is finally here. We are past Easter now, and that’s traditionally the start of the Spring market once you get past Easter in the real estate world. What’s going to happen? Everybody wants to know is the market going to pick up, particularly in the low rise housing segment. Of course in the condo market, the market has never really slowed down very much at all. In fact, prices are still rising very rapidly.
Here’s an article from BuzzBuzz Home. The headline is “Is the worst over for falling single family home prices in the GTA? This economist says yes.” The economist is Benjamin Tal from CIBC. He has been a guest on the True Condos Podcast in the past. He’s a great guy to talk to and to listen to for the housing market in the GTA. Basically he is saying the worst is essentially probably over when it comes to the low rise housing market in Toronto. As we move into the Spring and Summer months, basically the sentiment is the market is probably going to pick up.
I would have to agree with this. I think that there are signs that the market is going to pick up, is going to gain speed in the low rise segment, not necessarily that prices are going to rise significantly over the next few months, but I do believe that at this time next year prices will be higher than they are today. I don’t know if we’re at the bottom today or if we hit the bottom last month, if we’re going to hit the bottom next month so to speak for low rise housing, but we are in that zone. All signs are pointing to the fact that the market is going to pick up.
The pent-up buyer demand is a big factor. All these people who have been holding off, holding off, holding off their buying decision, waiting to see what happens in the market, waiting to see if prices continue to fall, well when the flowers start blooming and the sun comes out and the open house signs are out there and the grass starts turning green, year after year, after year without fail the buyers come out of the woodwork and the buyers start taking action. We do expect that to happen. That’s going to have a ripple effect on the market overall.
There you go. I hope you enjoyed this episode, and if you did, hit the like button, hit the share button. Send this video to somebody that you know who could benefit from it. Until next time, have a great week.