Toronto's Real Estate Market is Full of Deals... For Those Who Act Fast

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Toronto buyers should strike while the iron is hot, as the window on some great market opportunities is beginning to close. realestate realestatenews Toronto GTA realestatemarket

Deana Feldman

Feldman says that at the height of the red-hot pandemic-times market — throughout 2021 and the first quarter of 2022 — the City of Toronto was seeing 100 to 150 sales a day. But when interest rates and inflation started to climb, things changed. For example, last week, after a downtown property sat on the market for a month, Feldman received three offers on it, and was able to sell for higher than her client was expecting.

“It’s a price point thing,” she says. “Anything under $2M seems to be moving really quickly. The luxury market is a little slower — we’re not seeing multiple offers in that space – but it’s still moving. Properties that were on the market for months are now seeing action again.” For example, Feldman’s $4M to $5M townhomes have seen a recent uptick in showings.

“Pre-construction is where you should put your money, because real estate is a safe investment,” Feldman explains. “You’re typically buying for five years out, so interest rates are not going to impact you. I think we can all agree that interest rates will be lower than they are today, and rents will be higher.” When it comes to buyers — especially those looking to buy at a competitive price point — Feldman stresses the importance of mortgage pre-approval.

“An agent who lacks a deep understanding and involvement in a specific market won’t have as many opportunities for their buyers,” she explains.

 

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