The year 2017 may go down in history as one of the most memorable years for real estate in Toronto. Although the year isn't quite half over, those following the market have seen enough strange happenings to tell stories for years to come. In the latest dramatic twist, the ratio of buyers to sellers has taken an unexpected turn. Through it all, the value of relying upon a real estate law practitioner is one of the few constants.
Scarce inventory and frenzied bidding became the new norm on the Toronto real estate scene over the past year, reaching a fever pitch early in 2017. A sudden shift may have thrown all that out the window. Anxious to cash in on the high prices, many homeowners have listed their homes, and buyers appear to be overwhelmed with choice.
According to the Toronto Real Estate Board, new listings were up in the city in April by 33.6 percent compared to April 2016. Even though prices are by 25 percent on average, some agents have resorted to lowering asking prices to entice buyers. Apparently, buyers are so used to homes being snatched up the second they hit the market, they're leery of any property that doesn't sell right away, regardless of the obvious value of the home.
It is a peculiar situation that has caught many people off guard, and it may be the beginning of a period of uncertainty for some buyers and sellers. What remains the same, however, is the need to thoroughly prepare and examine the legal framework of any purchase or sale. For assurance of a seamless transition, it is advisable to work with a trusted lawyer who fully understands real estate law.
Source: The Globe and Mail, "Toronto market turned on its head as flood of listings overwhelms buyers", Carolyn Ireland, May 18, 2017