“Should I wait to sell my home?”
This is a common question that I have been asked by my current clients and new clients who have been considering selling. I also see people asking this same question in various community group pages on social media sites. It’s clearly a common question these days for many homeowners and a question that should be answered. So, should you wait to sell your home? Continue reading to find out.
Historically, Toronto’s real estate market has been more predicable with very busy spring and fall markets and slower summer and winter markets. However, things have changed. With record low inventory of only 2 months’ worth of inventory, there really hasn’t been a better time to list your home for sale in Toronto. Based on only 2 months’ worth of inventory, all of Canada could run out of available properties by mid-March if no new properties come to market (hopefully this doesn’t happen!). With high demand, record low inventory and the Bank of Canada’s recent announcement that they will not be increasing their rate at this time, this is one of the best “seller’s markets” that Canada has ever seen (I’m sorry buyers).
Chestnut Park’s CEO, Chris Kapches, discussed the latest trends in the Toronto housing marketing in detail at our recent office meeting and in Chestnut Park’s latest blog: “During December 5,174 new properties came to market, almost 12 percent fewer than what came to market in 2020. What is even more shocking is the fact that entering 2022 there are only 3,232 active listings for the entire greater Toronto area, more than 46 percent of which are condominium apartments. By contrast last year there were 7,892 active listings which at the time we reported were totally inadequate to meet the growing pandemic demand.”
If the market continues in this manner, we will continue to see prices increasing. This would be caused by the likelihood that newly available properties will continue to attract multiple offers, ultimately driving up the final sale price and the overall average sale price for Toronto and the GTA.
On the basis of these statistics and trends, it is clear that there hasn’t been a better time in recent history to sell your home here in Toronto.
Contact me any time if you are considering selling your home and have questions about the market or would like to receive a complimentary, no obligation home evaluation in order to learn how much your home could potentially sell for. It might be more than you think!