23 Sep Market Notes: Quality listings on the freehold side
Two weeks into the fall market and I am seeing a lot of quality listings on the freehold side. Many buyers and sellers who took the summer off are now back in the market and ready to engage.
Interestingly, the hard loft market is sluggish, with some of the current inventory unsold product from August. We have had a few premium lofts hit the market, including the unit at the Church Lofts and a penthouse unit at the Argyle Lofts, both of which I featured previously. Right now I am seeing most listings come from the usual suspects: Merchandise Lofts, Printing Factory Lofts, Tip Top Lofts, etc.
A type of listing I expect to see more of this fall is renovated houses, specifically flips. So far this year flipped homes have been scarce when compared to prior years. The market was so hot last spring it was hard for an investor to find value. During the remainder of 2017, the market corrected because of the uncertainty regarding the non-resident tax. It usually takes a year for a flipped home to come to market because the investor wants to avoid paying capital gains tax. As such, I expect homes purchased by savvy investors last fall, when inventory picked up, to start hitting the market in the coming months.
Overall, the fall market is off to a fast start with many people continuing to take advantage of low-interest rates and the equity built-up in their homes. As you would expect, the most competitive segments downtown are condos in the $500-$700 range (first-time buyers) and houses in the $1-1.4M range (move-up buyers). Picking up steam are the mature buyers and downsizers ($1.4-$2M). Over $2M the market settles down and I expect inventory in this segment to accumulate a bit this fall.
Feel free to contact me for more specific advice on buying or selling downtown.
Nick@livingdifferent.ca – cell/text – 416-890-6126