Should home sellers delay going to market and wait for spring? It looks like the pendulum has already shifted in their favour this winter.
Regardless of all the ups and downs of last year’s market, more conservative borrowing and financing costs, I expect a positive momentum in real estate to build in 2014. In fact, I expect a market tipped particularly in favour of sellers for the first half of the year, after which I predict a shift to a more balanced market.
All this talk of a 'soft landing' for Canada's real estate market this year is in my view, a little misguided. Especially with freeholds. I expect no landing, no slowdown, and no correction in the near-term. Conditions are ripe again for as strong a market as we saw in the post-recessionary rebound of the last decade. And it does not look like the government will implement any market intervention, such as a hike in interest rates.
Overall sales on the Toronto Real Estate Board will hit a record in 2014. That was an easy call. The record year for sales was back in 2007 – when we had a population of about 750,000 less people. Sales will hit 95,000 units this year. Some of my clients are telling me that they have rented or postponed buying because the experts told them it was not a good time for the last two years. They are tired of waiting, don’t believe the experts anymore, and want to act in 2014.
The hottest market will be freehold properties under a million dollars in the 416 area code. There will be lots of multiple offers on these propertiesand I predict will rise by at least 10%.
In summary, look for a strong Toronto real estate market in 2014. It will favour sellers in most market segments. Again, my forecasts are never 100% precise; I just try to provide the best insights.
For more information on the market please feel free to contact me. If you, a family member or friend are thinking of buying or selling in 2014 please do not hesitate to contact me. It is going to be a great year for Real Estate in Toronto!
Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662
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