Winter 2018 – Real Estate Market Update
What’s Going On In the Market – Winter 2018
As we head into the depths of the Toronto winter, many people are wondering what lays ahead for the real estate market the remainder of the year. There have been many changes that have taken place, including new mortgage rules and interest rate increases, and the full impact of these is still being processed.
In the GTA, it is really a tale of two markets. While things are cooling off a bit in the freehold market, the story is dramatically different for condos. Within the last couple of months, condos values have seen noticeable increases. At the present moment, we’re seeing condo units sell in “bidding war” scenarios, and units are often selling very quickly after being listed. If you own a condo and have been thinking about selling, the time couldn’t be better. And if you’re looking to buy, it would be prudent to ramp up your search efforts, as things will no doubt become more competitive in the spring season.