I've been ranting about soaring price jumps in the residential real estate market for as long as I can remember. I'm almost tired of it. Every day I read articles referencing extreme bidding wars that are happening throughout the GTA followed by mentions of a bubble that is coming.
It's hard to say what 2017 has in store. Initially, I was expecting prices to gradually work their way up throughout the year but based on the data from a short and cold February month, it seems the market is on fire. The question now is when will it all go up in smoke? or will it?
Staggering sales stats in a world-class city like Toronto is understandable, but when the entire GTA becomes unaffordable for up-and-coming families then that becomes an issue. With reconsiderations of a foreign buyer tax, it's not certain what the future has in store.
If you've been thinking of selling, then one thing is for sure, right now is the best time to sell in the history of GTA real estate. On the other side, as a homebuyer, you have to be prepared, educated, optimistic and creative. The marketplace is intense and you need a realtor to help you manouver it. I continue to find great opportunities in the market but they are not easy to come across. They require a sound strategy, continuous research and the ability to review and make decisions efficiently.