TORONTO REAL ESTATE MARKET: CRASHING OR CORRECTING?
Without question, Toronto's once super-hot real estate market has shifted! From boiling over to simmering to cooling down...all depends on how and where you look! The fact is, the Toronto real estate landscape has always been complex & complicated. Like many big Cities in the world, there are markets within markets. And, although technically correct, much of the news being reported today about the demise of the "TORONTO REAL ESTATE MARKET" is rather over-drawn and in some cases, totally inaccurate. The primary reason being: IT IS TOO SOON TO SPECULATE. We barely have two (2) months of data from which to draw these rather BIG conclusions and that is NOT ENOUGH.
The fact that the Toronto real estate market is even still rumbling along is a miracle in some cases. If one compared Toronto to a sick patient in hospital where the doctors and scientists cannot determine what is exactly wrong with it and so they elect to bombard it with every known treatment all at once. From new legislation at the Provincial level to four years of consecutive federal changes to mortgage rates to local increases in Land Transfer taxes and a non-stop xenophobic, hate-on for all things Toronto real estate by the blood-thirsty media. It is a testament to the strength and inherent value of both real estate and the City of Toronto.
The next two months are going to be rather interesting because they are not your typical "hot" real estate months. July & August are usually much slower without any "housing crisis" to contribute to them. The real test, however, will not be until SEPTEMBER and the start of the annual FALL MARKET. All eyes will undoubtedly be locked hard on the numbers! And, rest assured, along the way, the pundits and haters will have a non-stop barrage of comments and criticisms to berate our fair city. Just remember to take a look at the BIG PICTURE and let the naysayers nay-say.
Frankly, that's just the tip of the iceberg. So...pull up your straps and let's get back to work. And remember, how is where the heart is and if you love this City, then speak up and tell the world!
SHAWN VENASSE - Sales Representative
The Elli Davis Team
Royal LePage Real Estate Services Ltd., Brokerage
NOT INTENDED TO SOLICIT ANYONE UNDER CONTRACT.