The real estate market has recently been highly volatile and booming. The Toronto housing market has been a seller’s market since 2021. The projected interest rate changes and market expectations post-COVID are affecting things. As a result, the market will gradually slow down during the following few months, and we can begin to witness a shift in the market.
Due to a shortage of home availability and high demand, the housing market was in seller’s territory through 2021 and the first half of 2022. However, with hundreds of new listings pouring in every day, the market is beginning to shift in favour of buyers.
Housing prices continue to be driven by first-time homebuyers and move-up purchasers. As a result, single-family detached homes have had the most significant year-over-year price rise, up 15.8%; townhouses have increased by 11.9%, and condominiums have increased by just over 5%.
Primetime for Buyers
This season is for you if you’re a buyer looking for various options while looking for a home. When the market is at its peak, looking for a new house might be incredibly expensive, but you can see new listings being updated often. Compared to any other time of the year, the summer housing market in Toronto has the most extensive listings.
Organize your paperwork
The first step to closing on a property is organizing your finances and being fully pre-qualified. As a seller, buyers would ask questions before the sale if your documentation were managed, which will speed up the process. They will need to verify all documentation provided, including warranties or lease agreements for equipment on your property. This gives them complete information and helps guarantee that both parties are comfortable moving forward with the sale.
As a buyer, you must have immediate access to your funds if you choose to make an offer. Even though the market is shifting, it is still a tight seller’s market, and at any given time, you might be bidding against 10-12 other buyers. Easy access to your funds will make this process hassle-free for you.
Prioritize Maintenance and Upgrades
Minor repairs and renovations may completely transform the appearance of your house and elevate your property’s overall appeal to potential buyers. The best place to start is to walk through your home and write down everything that doesn’t work or may use an improvement.
Organize your list by starting with the simplest and most economical repairs and working your way to the more intricate and time-consuming jobs. Minor but significant upgrades, such as replacing corroded fixtures, ageing appliances, and other hardware, may instantly transform the look and feel of your house.
At Vine Group, we know that for most people, their home is often their most significant asset. Contact our team of Mortgage Professionals today and tell us about your mortgage needs. We provide every client with a customized financing solution ensuring the mortgage product you receive is tailored to fulfill your needs.