After a gloomy winter, the real estate boom is back in the Toronto area. Bidding wars have returned, with some house sellers nervous that they won’t find a new property to buy after they sell their own home. The speed of the recent rebound is matched only by the sharp recovery in prices, which can be attributed in part to low interest rates. In Canada, the Vancouver and Toronto markets, which fell fastest during the correction, have seen the strongest rebounds.
Agents in Toronto are advising clients to buy before they sell if they can’t risk having to rent or move in with family. Inventory of listings isn’t keeping up with demand, especially in the mid-range $600,000 to $1-million price bracket.
What does it all mean to you? Toronto Real estate expert John Pasalis was online to discuss the state of the housing market in Toronto.
John Pasalis is the Broker owner of Realosophy Realty Inc, a Toronto-area real estate brokerage. A graduate of the University of Toronto, he holds a B.Sc. in Economics. Mr. Pasalis began his career in real estate 10 years ago, first working as a portfolio investment manger and then moving into sales. He is a frequent contributor to MoveSmartly.com, a prominent Toronto real estate and neighbourhoods blog.
Founded in 2006 by four friends around a kitchen table, Realosophy.com brings consumer-focused real estate education together with cutting-edge technology solutions to serve the needs of home buyers and sellers. The website is quickly growing popular with consumers and real estate industry professionals alike. Among its service offerings is the Toronto and GTA Neighbourhood Profiler, a comprehensive resource on average home prices, school performance and transit routes for over 180 neighbourhoods.
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