The Toronto Real Estate market experienced a slower 4th quarter in 2010 in contrast to the previous three quarters last year. In all reality the market wasn't really that slow, rather it was slow relative to the other three quarters of the year. Savvy buyers who missed the first half of the year certainly would have made their purchases during this more stagnant period and will benefit tremendously given the flurry of activity we are currently experiencing in the first quarter of 2011. Any sceptics saying 2011 would render a dismal real estate market sure put their foot in their mouths already!
Although only one month has passed, this Realtor is experiencing a fast paced higher priced market than that of January 2010. Many buyers who were waiting around the last few months are certainly making moves now as opposed to waiting for a typically hot spring market. As such, we are already noticing multiple offers even where offers aren't being held for future presentation dates. In fact, the nearly non-existent "Holding Offers" strategy which had dominated the late and early 2009 and 2010 respectively is resurfacing. More and more, I am noticing this taboo strategy employed by Toronto Real Estate Agents which points towards yet another heated market for at least the first half of this year. One with may instances of multiple offers and bidding wars. What is yet to be determined is whether this flurry of activity has been stimulated by the upcoming March 18, 2011 change to Canada’s mortgage rules, which serves to maintain the integrity of the Canadian Housing Market via the reduction of amortization periods to a maximum of 30 years. These rule changes will inevitably reduce the number of mortgage approvals and therefore reduce the overall number of home buyers. I personally believe the percentage of home purchasers that fall within this category is quite small and as such there are other factors at play contributing to the flurry of market activity. Specifically, due to the low supply of Hot Properties. Hot Properties are those properties that offer purchasers an amenity or an advantage over other real estate in the surrounding area. Differentiating factors include but are not limited to better location, corner units, southern exposure, higher ceilings, unique layout/design, superior interior finishes, ample sunlight, visitor parking, or anything that allows a downtowner to better enjoy their urban lifestyles. It is no wonder we advise clients to purchase Hot Properties.
Should you be interested in finding a Hot Property, contact today!

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