The market is showing no signs of slowing down. Toronto Downtown is experiencing a dramatic resurgence that has seen prices per square foot flirting with $500!
One agent in my office has been in several offers where 10+ bids were present; one had 20!
Record low rates and the continued further prospect of years of low rates seem to be making Real property a safe bet.
I have advised several first time buyers with low variable rates to up pay their mortgages to at least the current 5 year rate (somewhere in the 4-4.20% range). This way they take advantage of huge principle payments as well as prepare themselves for the inevitable rise in interest rates.
If you are planning on buying, be prepared to be challenged for any reasonably priced property - especially if it shows very well or has some rare feature attached to it.
If you are selling - DO NOT cut corners thinking that 'everything is selling'. Follow a solid marketing plan which includes staging and house preparedness, as well as marketing Beyond the MLS to ensure that you get the most value for your house.
David
Residential Real Estate Sales. Listing-Buying, Renovating, Additions, Custom New Build.
