Current trends and predictions for the coming season indicate the market in Toronto and its surrounding regions will continue to grow.
Toronto’s housing market shows no signs of slowing down. Though the summer was filled with a few minor ups and downs, autumn in the GTA will prove fruitful for both buyers and sellers. According to the Toronto Real Estate Board, this summer’s sales numbers were in keeping with the positive growth trends predicted by previous years.
Some shifts in pricing for resales should be expected but new changes in how buyers and sellers share information will give homeowners more power and agency over their own properties.
Supreme Court Ruling Makes House Hunting Easy
In a move that has proven to be slightly controversial, the Supreme Court has decided that the sales data of properties on the market will become publically accessible. The TREB elected to appeal the initial ruling, but was not successful. It is anticipated that the fall 2018 market will be impacted by this decision, ultimately proving most beneficial for buyers.
The long and short of it is sales data can now freely be posted online.
Here’s why this is significant:
- Buyers can see the real value of a property by comparing it to sales of similar homes, while sellers can see what other homes in their neighbourhoods are selling for enabling them to get the best price for their homes.
- Agents must be transparent with their clients in sharing information about their homes and the market as a whole.
- Potential buyers still in the browsing stage can freely explore the market with accurate, up-to-date data, while agents are free to dedicate their time to more serious buyers.
- Sellers can list their homes at prices that better suit their personal interests, i.e. for quick sales versus more profitable sales.
- Buyers will have access to the whole sales history of a home including if a home has stayed on the market for longer than usual or has been relisted multiple times.
As we enter the final quarter of the year, the GTA’s housing market will see participants making more informed decisions, reducing instances of buyer’s and seller’s remorse.