When the Toronto and GTA housing market was hot, bidding wars forced many buyers to put in offers without conditions to increase their chances of being accepted. This, combined with unprecedented increases in home prices, scared many first-time buyers out of the market.
But the economic downturn changed all that. As housing prices fell and lenders lowered their mortgage rates to attract borrowers, the Toronto market became much more attractive to people looking to buy their first homes.
The average mortgage payment has fallen by one-third or $600 a month from its peak.
We expect resale prices to fall moderately further this year. We look for the housing market to correct further this year but not crash. And the average time it took to sell a home in Toronto dropped from 45 days in February to 39 days in March.
There's a fair amount of evidence out there that the market has bottomed and is starting to come back. The best time to buy is now!
If you want to know more about Toronto and GTA real estate market, call Alex at (416) 723-9383.