1. What will happen to house prices?
2. What is my home worth?
J.P. (John Pierpont) Morgan (1837 –1913) was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. Whenever he was asked what would happen in the Stock Market, Morgan would respond “It will fluctuate.”
And so will the Toronto home market: It will fluctuate.
However, there are no indicators of any dramatic swings in single-home prices as we have seen in the past. There has been a recent steady rise in Toronto prices and the market remains strong for quality single-family homes in desirable neighbourhoods. There have been concerns expressed about the condominium market that may be reaching saturation with some developers postponing projects.
Real estate is the freest of free markets: there are no price regulations, no Suggested Selling Prices.
Your home is worth exactly what a buyer will pay.
A realtor can provide an educated estimate by analyzing recent sales of similar houses to yours and in comparable neighbourhoods and by evaluating the individual qualities and features of your property.
In the end, it will depend on one buyer’s desire to own your home. We have seen recent bidding wars with multiple offers far above the asking price; we have also seen over-priced offerings that have languished on the market with no serious offers before a significant price reduction or withdrawal.
The usual upswing in Spring activity was late this year, perhaps due to unseasonably bad weather but activity picked up in May. Overall, market seems stable, a good supply of properties is on offer, serious buyers are shopping and a single-family home offered at a realistic price will attract reasonable offers.
Phone: 416-505-7513
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