Outlook on the Summer Real Estate Market
If you’re thinking about buying or selling this summer, it’s a good idea to be informed on the current real estate market. That way, you can price your home and place it on the market accordingly. And, you’ll be ready to jump in and purchase a home and not face any surprises.
At Torlon Realty Corporation Brokerage, we’ve got you covered! What can you expect from the summer market? Read on to find out.
High level of competition
If you’re interested in a home this summer, odds are there’s a number of buyers who are also interested in purchasing the same home. Although housing sales have dropped slightly in the Greater Toronto Area since March’s record-breaking peak, they were still significantly higher than the three years prior, according to the Toronto Regional Real Estate Board housing charts. If you’re purchasing a home this summer, be prepared for a bidding war. If you’re looking to buy real estate for your investment portfolio, consider pre-construction. Pre-construction projects can offer the best return on investment and have fixed prices that aren’t impacted by market fluctuations or bidding wars. Read more about why buying pre-construction makes financial sense here
Sales, listings, both level out
The new listings for the month also dropped. That means that the tough competition the market has seen as of late is likely to continue throughout the summer months, as the ratio of new listings and sales remain close.
Prices will rise
With the continued buyer competition, prices in the Greater Toronto Area are expected to remain steep throughout the coming months. In May, the average selling price of a home was up by just over 28 per cent from the same time in 2020. The average price sat at $1,108,453 reaching a new record, according to the Toronto Regional Real Estate Board. That increase was driven by the tough competition that the market is continuing to see.
“People actively looking to purchase a home continue to face a lot of competition from other buyers, which results in very strong upward pressure on selling prices,” said Jason Mercer, Toronto Regional Real Estate Board Chief Market Analyst. “This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well.”
Don’t wait to purchase
With that being said, now is not the time to wait to purchase a new home or an investment property. Prices are expected to continue to rise, and, why pay more for something when you could pay less for the exact same thing? Not only that, but if you’re purchasing the home as an investment property, you’ll be able to make more of a profit when you do sell down the road. Remember, don’t wait to buy real estate, buy real estate, and wait.
Browse our current listings
At Torlon Realty Corporation Brokerage, we have a number of listings available. You can browse our current availability on our website here: https://torlonrealty.com/our-listings/ They include a three-bedroom, two-bathroom home in Toronto listed at $999,999. There are also three listings in Mississauga and two in Markham available to check out.
Don’t wait – browse them today!
Rest easy, you’re working with experience
Our two founders, Frank Longo and John Torchia have over 30 years of experience each in practicing both commercial and residential sales. They’ve worked for Canada’s largest franchises, independent brokerages and developers.
Contact us today
We would love to hear from you! Give us a call at 416-613-1010, or send us an email at firstname.lastname@example.org.