Buyer supply woes
There's no question about the recent cooling off in the GTA real estate market...sales for July were down 34% from July of last year. At the same time new listings for July came in at a lackluster 10,825, dropping to the lowest level for the month of July since 2002, so we had a situation where prices were still under some pressure to the upside in some cases with the lack of supply in some areas. Toronto Condominium sales were lower in the second quarter than the first...something which has not occurred in almost 2 decades. Although to be fair to the apples and the oranges we also had an HST to contend with which altered the playing field.
To some these numbers for July may appear dismal but when you compare the conditions of housing markets across Canada with those of our neigbours to the south, you quickly get a fell for how resilient our market has been on average. Buyers on the sidelines quickly came to realize that those ridiculous bargains to be had in the south would probably not make an appearance north of the 49th parallel. What's in store for the near future? Lenders are getting more aggressive on rates and supply is showing no signs of increasing so from where we sit at this point prices should remain relatively steady in the short-term. Investors have come to the realization that investment condos are a longer term venture these days, and could be for some time to come. There are always bargains available if you understand the market and have built the relationships to help find them, contact me to discuss your options in these market conditions, whether you be an investor, or personal buyer.