November’s Toronto Housing Market Expected To Continuing Softening

For some November may seem dark and gloomy, but for the savvy fall buyer it can be the best time to catch a sunny deal on a Toronto house or condominium.  This November shows all the signs where buyers can submit offers to sellers which at any other time of the year would be curtly dismissed.  Normally the fall real estate market sends our Toronto sellers the second best wave of buyers next to the robust spring market.  But fall’s 2012 real estate market was substantially different than any previous one.

Over the last 60 days I have seen properties which would normally be snapped up languish in the  doldrums  suffering  sporadic showings, bimonthly price reductions, buyers taking a wait and see attitude and sellers lamenting daily to their agent asking to explain why isn’t their home selling.  From my experience, this creates the perfection scenario for buyers to go on a Toronto neighbourhood by neighbourhood house hunt.

There is a glut of condominiums across the city for sale and I have seen anywhere from 10% to 15% drop in prices from the spring.  Agents who are representing these buyers are call me and begging me to bring them an offer.  This is a far cry from the spring when they wouldn’t return my calls.

Toronto homes are in a similar state. Sellers are experiencing few showings and I expect the October real estate statistics to reflect  a 15% to 20% drop in sales.

So consider November as an opportunity and you might get surprised with an early Christmas gift.