Lynn Tribbling

Hello again friends, clients and neighbours,
 

They say, in real estate, timing is everything and what a difference a few months make. In my last newsletter, I reported record-shattering sales, stratospheric price increases, ecstatic sellers and clinically depressed buyers. The tide changed in April 2017.

Throughout spring and summer this year, sales slumped and prices flattened. Average prices dropped 20% since April and sales volumes are down nearly 35%. Now, vendors are fretting and purchasers rejoicing as Toronto is sliding towards a normalized, balanced market.

New market conditions require a paradigm shift to new tactics. Without the stressful pressure of bidding wars, buyers can now offer less than asking, negotiate reasonable terms and even include conditions for due diligence. Sellers, on the other hand, must realistically price their home, put some effort into proper staging, be patient and get ready to haggle. ​

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Make no mistake, it is still a robust real estate market in the GTA that favors sellers. Currently, one in ten listings sell for more than asking price. Why? Inventory is scarce, interest rates are still low and buyer demand is high. Hence, prices remain high in most areas, and the average cost of all types of homes is $732,292.00. We have gone from 100 miles per hour down to 80 mph. It remains a healthy market where good properties are snapped up in days.

The condo market is especially strong due to affordability, with prices up 20% since August last year, compared with only a 2% gain for detached homes.
 

This Newsletter features helpful advice, articles and videos for buyers and sellers in a shifting market. It is a quick survivor guide on how to adapt. My top tip is that if you are buying or selling, your best friend is a savvy, experienced, successful realtor. Her name might be Lynn Tribbling! :)