Toronto Condo Market Conditions
Toronto market conditions can go up and down in the blink of an eye for Toronto condos and unless you understand certain terms, you may not completely comprehend what you're dealing with. There are 3 terms used to describe market conditions that include the following:
- A balanced market
- A seller's market
- A buyer’s market
When you're reading through the newspaper you’ll see these terms used a lot to describe what's happening in the Toronto area in terms of condo resales. Here is a brief description of what each word means so that you have a better idea of what's really happening with market conditions in the city.
A balanced market - This occurs when there are enough buyers looking for homes and sellers listing their properties for sale. If you see this type of condition in the market, home prices usually remain fairly stable and everyone is happy since the homes are selling fairly quickly but not so fast as to cause a huge amount of bidding wars.
A buyer's market - When you have this type of market it means that a lot of people are putting their home on the listings but there aren't as many buyers that are searching around for a new home at the time. This gives the buyer more control when he is looking at a home and more room for negotiation. In a buyer’s market it is possible to see home prices going down somewhat, but usually not too much.
A seller's market - When you're selling your home in this type of market you'll have the edge over the buyers. There will be a lot of people looking for Toronto condos for sale but there won't be enough listings to satisfy the demand for them. During a seller's market you may find a lot of bidding wars going on and prices rising on units. Some people may be placing offers that are higher than the asking price for the property.
If you're wondering what type of market conditions are in place for Toronto condos right now, call up our office and we will be more than happy to discuss it with you. Toronto market conditions can change quickly and we can let you know exactly what the trends are and when it is the best time to buy or sell a Toronto condo.