Major Signs That The Toronto Real Estate Market Has CORRECTED!

Real Estate
Sam Saberikamareh
RE/MAX Realtron Realty Inc., Brokerage
Office. 905 764 6000 | Fax. 905 764 1865
7646 Yonge St, Thornhill, ON L4J 1V9
📩SaberiSixRealEstate@gmail.com
📱Phone: 647-869-5242
SaberiSixRealEstate@TikTok
SaberiSixRealEstate on Instagram

Major Signs That The Toronto Real Estate Market Has CORRECTED! The Toronto Real Estate Market was at all time peaks early in 2022, amidst historically low interest interest rates, Toronto Home Prices had reached never before seen highs, properties were getting 10’s of offers, and buyers were desperately competing amongst each other. Now things are much different. In today’s video, i go through 7 Major Signs That The Toronto Real Estate Market Has CORRECTED!

The first of these 7 Major Signs That The Toronto Real Estate Market Has Corrected is the fact Home Prices have dropped substantially from peak market conditions in the Greater Toronto Area since peak market in Feb 2022. In Feb 2022 the Average price across all property types in the GTA was a staggering $1,334,544. Now it is $1,086,762.

The 2nd major sign of a Toronto Real Estate Market that corrected The average number of days that a property for sale has remained on the market is up substantially within the GTA Real Estate Market and the Toronto Real Estate Market. During peak market conditions, that number was as low as 11. That is Staggeringly low. Now it is 35.

3rd indicator of a GTA Real Estate Market that is correcting is No More Firm Offer: Firm offers were one way that Toronto Home Buyers were sitting themselves aside in a competitive market. By waving inspection, financing and status review conditions, they were taking on major risks in order to win the property in bidding wars. Now that is a relic of the past, as buyers purchase with all these protections in place.

Advertisement

Another Major Signs That The Toronto Real Estate Market Has CORRECTED! More properties are failing to sell at their original price due to the overall deteriorating conditions in the Toronto real estate market. Homes for sale are often reducing prices multiple times before successfully selling. Even so then, they typically end up selling conditionally.

What about Toronto Home Sellers as a sign that The Toronto Real Estate Market Has Corrected? Increase in VTBS: That is right, the market has reached a point in which sellers are offering to provide financing to any prospective buyers within the Toronto real estate market. Due to increasing rates and overall cooler conditions, this is a great instead to incentives buyers to take action.

Inventory Has Plummeted: Listings are down! The market is depressed, and with dropping prices and falling values, sellers are not currently listing for sale. Despite lower values, demand is low as well due to increasing rates and buyers attempting to time the market.
The Rental Market Is On Fire: Many buyers are struggling to qualify in this high interest market, and sellers witnessing falling prices and less favorable conditions; both the supply and demand side have shifted to the rental market. When the purchase sale sector of the Toronto real estate market is down

#TorontoRealEstateMarket #TorontoRealEstate #torontocondos

TIMESTAMPS:
Intro – 0:00
Contact Info – 0:52
7 Signs That The Toronto Real Estate Market Has Corrected – 1:27
Toronto Home Prices – 2:15
Days On Market – 4:38
No More Firm Offers – 6:35
Home Price Changes – 8:43
Increase in Vendor Take Back Mortgages – 10:35
Toronto Inventory Has Plummeted – 11:52
Toronto Rental Market Is On Fire – 13:07

MY NEWSLETTER! First Access To PreCons and more!
https://mailchi.mp/d148b936ff8c/newsletter-sign-up

Advertisement

Leave a Reply

Your email address will not be published.