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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