Agents, who had spent months, if not the past two years, coaching clients through some of the toughest GTA market conditions ever seen, suddenly realized there were fewer participants at offer night.
According to Nasma Ali, Broker and Founder at One Group Real Estate, what’s occurring is something policy makers, real estate analysts, and buyers have all hoped for — more supply is finally hitting the market.
“It’s one of those things where in January, in a certain area and price point, we’d see maybe three or four listings a week that would pop up.
She adds that there’s been a lot of re-listings as of late, something the official supply numbers don’t reflect.
Another main catalyst, she says, are investors, nervous they’ve missed the market’s price peak.
Another factor is just how expensive purchasing a home has become, finally hitting thresholds the market may not be as readily able to absorb.
“I don’t want to say a 2017-like shift in the market, but when you see a run-up in prices from January 1st to February 1st of 10%, eventually the market will become more balanced,” he says.
Anita Springate-Renaud, License Partner at Engel & Völkers Toronto Central, says the current climate can certainly present the right buyer, who has the right timing, with an opportunity.
“I think some are getting in during that little bit of a lull.
“It’s generally the homes that need a little bit more imagination to imagine yourself in them,” she says.
However, it should be noted that price growth, and homes routinely selling for hundreds of thousands over asking, have yet to see any kind of relief.
At the end of the day, until the February data comes out, we won’t know just how much softer the month has been.
“Now we have clients sitting on the fence saying, ‘I’ll just wait a little bit longer’, and I’m like, ‘That’s maybe not such a good idea,’” she says.
Her commentary on the housing market is frequently featured on both national and local media outlets including BNN Bloomberg, CBC, The Toronto Star, National Post, and The Globe and Mail.