Anxious Toronto house hunters start the Spring market – in January?

During the first week of 2014, prudent homebuyers start looking at houses. Given that the market typically pauses during December, but especially during the holidays, it can be a great time to get an early start.

Existing listings from 2013 may have been reduced to ensure a fresh start to the new year and new listings are not getting as many showings. With less buyer activity, multiple offers are less common. During the months of February and March, the “spring market” begins and activity increases significantly. Prices often rise in response to higher demand. That is why an early start is beneficial to first time buyers. Existing  homeowners are already in the market and may prefer to sell in the busier spring market.

Real estate ended 2013 with a burst of activity that surprised many economists. The Teranet-National Bank house price index hit a milestone in December with Toronto prices edging up 0.4 per cent. And despite concerns expressed by TD Bank chief Ed Clark who opined that bankers “should be worried about” the run up in house prices, buyers in Toronto seem more anxious than ever to grab what they can, when they can.

Meanwhile, the condominium segment is continuing to operate under a different dynamic from the market for single-family dwellings. The high number of competing units for sale in some buildings is allowing buyers to take their time and press for better deals. Signs of an oversupply is supported by the increasing number of condos that are being offered for rent by owners who have become unplanned landlords.    

Re/Max predicts that overall sales within the GTA and house prices will rise modestly during 2014, perhaps in the range of 2-3 percent.

For more insight into the housing market within Durham Region, the Whitby real estate market, or the Brooklin real estate market, contact me. If you are an existing homeowner and are thinking about a, move, I can tell you what your house or condo is worth in today’s marketplace.

Randy Miller

Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca

www.randymiller.ca