By: Ingrid Menninga

Is it better to buy/sell now or should you wait?

Tags: toronto real estate, GTA housing, new mortgage rules

 

toronto november 2017 real estate market report
A surge of new listings in the GTA in November drove home prices lower compared to October - both sellers and buyers wanted to lock in their deals before the new year, when the new mortgage guidelines will come into force.

Are you wondering whether it's better to buy/sell now or to wait? How the market condition changes will affect your home buying/selling decision? Here are some highlights for you to consider.

HIGHLIGHTS

Want to know what the new mortgage rules mean to you? >>>Click here to ask or keep reading.
toronto buy a home or sell a home

With the tougher mortgage qualification rules coming into play soon, the market shows some interesting data.

Wondering how the new mortgage rules could affect your home buying power? Check out our last month's blog post!

Compared to October, prices of all housing types dropped. Industry insiders suggested that home sellers (especially detached home sellers) who did not list their home earlier this year, are now being faced with the reality of change in home values in today's market, resulting in recent growth in inventory.
buyer's market or seller's market on housing
On the buyer's side, Will Dunning, chief economist for the Mortgage Professionals Canada, suggested that about 18% of buyers (or about 100,000 people a year) would not qualify for their desired home after the new mortgage rules take effect. It is believed that the soon-to-take-effect changes have prompted many home buyers to expedite their home buying decision.

The growing demand for home ownership is largely believed to have contributed to the price increase on a year-over-year basis. For example,  condo prices are currently around 16.4% higher than they were last year.

Wondering whether it's a buyer's market or a seller's market? >>>Click here to find out.

Want to understand the market a bit better? Take the Toronto W04 area for example.
toronto w04 area map real estate houses Got more questions?

We are here to help!

Buying or selling a property can seem overwhelming and stressful. Need some help with your home buying/selling process? We're here to help and answer all the questions you may have. Send us an email or call 416-572-1016 to discuss.

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