In the past few weeks I’ve read a number of articles about the crazy prices that homes are selling for in Toronto.
I’ve also read a few things about people not wanting to move up to a larger home with the Toronto Real Estate Market the way it is. The premise of these articles was that the home owner’s feel that they could probably sell their existing home for a good price, but there really isn’t a lot of other homes for sale, so they could have no where to move to!
Real Estate is a market. It is constantly changing. It’s always good for one type of person and not so good for another. Right now in terms of homes, It’s a Seller’s Market. There are very few homes for sale. In a recent meeting that I attended I was told that there are about 20% fewer homes for sale this Spring Market than there were last year.
This type of market is good for people who are downsizing from a house to a condo. It’s especially good if you’re looking in the downtown core of Toronto. There are tons of condos for sale and many are remaining on the market for longer than expected. For Condos it’s a Buyer’s Market, and they are more than likely willing to negotiate the price.
So, you could sell your home for a good profit and then probably negotiate a good price on a great condo downtown.
Many of my clients who have downsized and moved to a downtown condo are reaping the benefits. They walk almost everywhere, have sold one or all of their cars and have cut their commuting time way down! Not only that, they are eating healthier too, they buy food from the small stores like butchers and green grocers. Did I mention that they using the time they saved from not commuting to enjoy things like the theatre and Opera more often? They’ve had a huge lifestyle change and they are loving it.
I’m not saying that this will happen to you if I help you downsize and buy a condo downtown, but from my experience the evidence is clear.