Toronto, much like many other global cities emerging from the pandemic, is experiencing incredible housing price growth.

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Demand is higher than ever.

There are more buyers in the market than there have been in years and a lack of inventory is driving prices through the roof at what could easily be considered an unsustainable rate. The average price of all property types throughout the GTA is up by over 20%. If we start looking at different property types, you can see even more dramatic gains with detached single-family homes up 28%, townhouses up 45% and even condos are up 30%.

Record low mortgage interest rates, which are currently hovering around 2.5%, have been a significant contributor to these rising prices. These rates make it easier for more people to access higher loan amounts to fund their purchase, however, they are set to start rising by the end of the year.

While it’s likely that property prices will continue to rise, the rate of increase is likely to slow towards a plateau as more buyers get priced out of the market. According to the Toronto Regional Real Estate Board’s October news release, the lack of housing supply is driving the market to a ‘critical juncture’ and real estate organizations are asking the government to get involved.

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Now is the time to list your property.

If you’re considering listing your property, now is a great time to list your home in Toronto. Whether you have a townhouse or a detached family home, demand has proved to be extremely high. With the ease of pandemic restrictions, residents are returning to downtown Toronto and even competition for the condos is outpacing pre-pandemic market conditions.

While inventory is starting to creep up with more homes coming to the fall market, there is still a shortage of homes available for sale. Given the level of demand, there simply aren’t enough properties coming to the market to satisfy. Properties are selling in days, if not in hours and usually well over the asking price.

If you’re considering selling your property, this seller’s market is not one that you want to miss out on. However, if you’re looking to buy again, you’ll need to work with a highly skilled agent to show you properties.

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Explore off-market opportunities.

In a real estate market with this level of demand, getting creative with finding your ideal property is necessary. Some sellers want to avoid the stress of listing their homes on MLS and have the option to sell discretely. They choose to list their property off-market which gives them the advantage of being more in control of the selling process. If you are curious about selling off-market, here is a full overview of the advantages of selling off-market.  

To list off-market, sellers connect with a highly qualified agent with an extensive network to gauge the market’s appetite for their property and negotiate a private sale. This means that there are more properties available for sale than can be found on MLS – you just need to know who to work with.

The Suzy Goldstein team has access to many off-market listings. As one of our clients, you can benefit by having first access to properties that fit your requirements but haven’t yet made it to the madhouse of MLS listings.

If you’re looking to buy or sell in one of the hottest real estate markets in Toronto’s history, it’s essential that you work with a highly skilled real estate agent. The Suzy Goldstein team has an outstanding reputation and broad network that will give you an excellent advantage in achieving your property goals.