New trends in the GTA housing market
These days, the conversations about Toronto’s real estate market often include the word “remorse".
Some buyers who bought a property as recently as March and April are agonizing over whether they purchased at the peak of a market that has started a downward slide.
The most panicked buyers are trying to back out of deals, real estate agents say, while also pointing out that an agreement to purchase is legally binding. Those buyers may not be able to simply forfeit the deposit and walk away. If they try, the seller may pursue legal action.
It’s a stark change from the early months of this year when the air was filled with desperation and outrageous bidding contests were driving prices up more than 30 per cent year-over-year.
There’s another kind of stress for the people who purchased a property in March or April before selling an existing property. Now they’re ready to list but the market has become unpredictable. Perhaps they have no choice but to sell the old property in order to close on the deal for the new house or condo.
And in yet another scenario, agents say, deals are dying because lenders are not willing to cover the difference between the perceived value and the amount the buyer paid to beat out all of competitors vying for the house.
In my opinion the summer will be good time to purchase a house,but dont wait too long because i think in September things will go back to normal and the prices will start to appreciate with 5-7% annually.