Call it the big short. There are signs the GTA’s spring real estate market is sparking to life. But a short supply of listings will influence every decision that buyers and sellers make this year, say realtors. Want to buy? Expect competition. Want to sell? Make sure you will be able to find your next home.
Right at Home saw a 31.5 per cent month-over-month jump in home-purchase deposits held in trust between Jan. and Feb. — although that was still down 48 per cent compared to last year — and the average number of showings has risen. There were 11.69 showings on average before a sale in Jan. That had risen to 14.45 at the end of Feb.Despite the downturn in the GTA real estate market, a shortage of inventory will make bargains elusive this spring, say realtors.
He thinks a lot of buyers are still sitting on the fence waiting for 30 per cent or 40 per cent price drops that haven’t yet materialized in most GTA communities. Katie Steinfeld, president of On the Block Realty in Vaughan, says expensive mortgage renewal rates could translate into more “motivated sellers,” in the coming months.“The demand is definitely for homes that are basically turnkey, move-in ready,” she said. “A home that is in need of renovations, obviously you’ll have to put costs in there. But you’re not having as many people come to the table.”will seldom say it’s a bad time to buy.
But RE/MAX agent Desmond Brown says, “if the inventory levels stay the same as they are right now, we’re going to be in big trouble in the spring market when all the other buyers start coming out.” Steinfeld said the market is at a point where buyers are realistic in terms of what they can afford, so even though they’re aware of the low supply, they’re not “being ridiculous” with their offer prices. At the same time, sellers are adjusting to what they can expect to get for their homes this year compared to the price a neighbour might have got a year ago.
It looks like raccoon trap