June 2019 Housing Stats are in!
“As prices continue to rise, we expect to see some “migration” of buyers into the 905 area code regions of the GTA where there is only ONE (egregious) Land Transfer Tax AND where you still get more “bang for your buck”! We are close to “plateau-ing” in terms of prices and expect to see buyers step back as a result. “
The above paragraph is what I wrote LAST MONTH. And sure enough, as predicted, 76% of the sales in the GTA of DETACHED homes took place in the 905!
While 70% of all CONDO sales took place in #the6ix.
Also, in the 2nd half of June, some of the frenzy from anxious buyers started to wane, as the UNNECESSARY (because the fed is NOT going to raise rates any time soon) stress test continues to put pressure on home buyers, which has caused a slow down at many offer tables and/or has prevented them from bidding high enough to satisfy sellers’ asking price. Many offer nights are going without offers, as buyers do not want to compete or just can’t make the “stretch” and properties are then RE-LISTED at prices that are closer to the sellers’ expectations.
Yes, sales were up 10%, New Listings were flat and total inventory was down almost 6% compared to last June, but prices rose by a mere 3%. We like that because affordability is enhanced by non meteoric increases in price like we had in 2017.
As we move into the “quieter” summer season, there will always be some golden opportunities, so if you’re thinking about a move, why not shop when so many others are heading to cottage country and the beaches. Timing is everything in this business, and it might just be that YOUR TIME is NOW 🙂
(Pssssst: Your “House Whisperer”advises you to HAVE YOUR HOME APPRAISED in 2019)
Even if you’re not planning a move, you should at least KNOW how well you’re doing!
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.