2023 Real Estate Market Conditions
Are prices going up, or down in the Toronto Real Estate Market? In the fourth week of January we're seeing a bit of an unusual start to the market. The market is fairly stable and we are seeing a number of multiple offer scenarios. What is driving this?
➡️Inventory is quite low right now so anything out there is being snapped up quickly. We experienced a very slow end to 2022 so the homes that were left on the market are being picked up now.
➡️Homeowners who purchased prior to Covid have experienced a lot of equity growth. These homeowners are now able to sell and move up to larger homes. We're also seeing homes with income suites moving quickly as buyers look for ways to supplement their home expenses.
➡️Net worth has grown substantially over the last few years through real estate and stock growth. Millennials are aggressively entering the real estate market now. Boomers are downsizing and taking out their equity to move to smaller product and retirement communities.
➡️Buyers and sellers need to be reasonable! This market is different from what we have been experiencing for the last few years. Sellers need to be reasonably priced to attract offers and buyers need to be reasonable with their offers. There are deals out there, but you won't be able to drive a very low price on a home that is already reasonably priced.