The Toronto housing landscape is changing back to a more traditional scene, now.
The Toronto real estate market has seen a slight increase in Toronto home prices so far this year. Although Toronto house prices are modestly up, Toronto real estate sales have slowed down more in line with a traditional Toronto real estate market.
The abnormal frenzy seen in 2016 & early 2017 which had homefinders competing for Toronto real estate to the tune of excessive multiple-offers on Toronto real estate pushed Toronto house prices to what critics have indicated may have been unnatural highs.
Living in Toronto for many first-time homebuyers was becoming very challenging with the rampant competing offers and soaring Toronto house prices. No sooner had mls listings come up, they were snatched up at phenomenal Toronto home prices. This might have made Toronto condos more appealing to a homefinder, as well.
Over the past year, the transition back to a more traditional Toronto real estate market might prove to be a difficult transition to many home sellers, who had become accustomed to getting what appears to have been inflated Toronto house prices.
The return to normalcy in the Toronto real estate market means adjusting expectations in order to safe-guard the economy as a whole. Realistic Toronto home prices are what the government and financial institutions' have strived for with their new tax & mortgage rules.
Whether you are looking to buy or sell Toronto real estate, it might be beneficial to start the process with a free no-obligation consultation by calling us at 905-796-5200 first.