Has the market shifted, or is what we are seeing more seasonal?
It’s seasonal. And also it’s comparative to a market that at the beginning of 2021 was just, like, ridiculous. That’s the word that comes to mind to be honest. Ridiculous. It’s a sign of the times. The people that were selling in January, in February, I knew that they were getting top of the market pricing. People are still getting more money than last year and even, you know, any other time in history. But really, that first quarter of 2021 was unique. So I’m happy to see it evening out just a little bit. It’s still not significantly improved or anything like that. But at least that scorching market has cooled. We still have multiple offers, but it’s not like 12 to 20 people clamouring for the same house, it’s two to four, maybe five people per listing, which is a lot more balanced. People are resuming summer activities and making up for lost time, right. And they’re enjoying their lives. Real estate has just fallen on the priority list right now.
And what about the downtown condo market?
The comeback from last year — yes. But again, it’s definitely not as scorching as it was in the first quarter of 2021. First quarter of 2021, anybody who was liquidating their assets at that time, they really kind of lucked out, because things were selling quickly and for unprecedented amounts.
Will the return of in-person open houses make an impact?
Honestly, the past 18 months where we haven’t been permitted to do open houses have been unprecedented. So I think that speaks to the fact that open houses, though they can be a great tool, are not makers or breakers of sales for the most part. In all honesty, it’s a lot more of a marketing tool for agents than it is for listings a lot of the time.
Are people still looking to leave the city?
I do notice that the city feels more alive. That’s without a shadow of a doubt. It’s like the energy is coming back into the city. But I don’t see, so far, anybody regretting their relocation decision last year. So I think that the pandemic just sort of birthed, you know, people realizing that they are more suburban people. And then for some people, it just solidified the fact that they are city dwellers. And that’s fine.
Do you think a lot of the virtual tools that have been developed as a result of the pandemic may continue?
Absolutely. Because they’ve proven that they are efficient and effective. I just think they’re here to stay.
What advice would you offer buyers and sellers for the fall?
I think if buyers have been waiting on the fence, I think the fall will be a good time. I think the summer is even a good time because I think in 2022, once the immigration gates are open again, I think we are going to see increased competition for buyers. So I would say, if buyers were waiting out the pandemic, now is the time to jump in.
Should sellers wait for the chance of higher returns in 2022?
I would tell my sellers, a bird in the hand is better than two in the bush, right? Those are predictions and projections, but we’re still in a hot real estate market, one of the hottest real estate markets here in GTA history. So if you are not a risk taker and you’re not a gambler, then right now you’re getting fantastic money for your home.