What if I told you that just a few weeks ago, a condo in Liberty Village came on the market in the morning. I booked an appointment with one of my clients to see it that evening once they were off work. By noon, the unit sold for over asking. Around the same time, I was caught up in a battle with 12 other offers for a unit that was under 500 square feet.
This is the current reality of Toronto’s real estate market. Gone are the days where a client has the time to decide whether or not they want the property. There’s hardly any time to negotiate and barely any time to event think. Properties in Toronto are selling and selling fast, which means buyers must be able to keep up or get left without a deal.
Navigating the Toronto real estate market can be frightening, but it doesn’t mean you have to sit on the sidelines and wait. There’s ways to get in the game right now and secure a home for your future without feeling overwhelmed.
This is as real in life as it is in real estate. As a buyer, by the time you get to the point where you walk into a home, you must already be fully prepared to make an offer. That means you’ve secured your mortgage approval, you are familiar with the area the property is located, and you know exactly how much you are willing to pay to make this your home. The fact is, there is not time for debate. You must be able to decide quickly if a property suits your needs and be willing to make an offer on the spot.
I know buyers don’t like hearing this, but the fact is that if you want a home in Toronto, be ready to pay over asking. That’s just the reality of the market. However, I would advise my clients never get too emotionally attached to any one property. Getting attached leads to you overpaying and having feelings of remorse. While I understand it may be difficult not to feel some kind of connection to a home you absolutely love, my advice is always to keep your heart and your wallet separated.
Unfortunately, the last thing a seller wants to see is a bunch of conditions, especially when they have multiple offers to consider. A home inspection and status certificate are standard, but including extra asks such as financing conditions should be eliminated and really shouldn’t be needed if you’ve already taken care of pre-approval ahead of time. You want to create the simplest and most direct path to a seller saying yes, and that means creating the path with the least resistance.
The market has changed in this city, and if you want to own a property, then you need to change with the times. I meet so many buyers or potential buyers who are intimidated by Toronto real estate. The thing that these people don’t realize is that properties come onto the market everyday. If you are patient, persistent, and prepared, I have no doubt you’ll find a home that fits your needs and your budget.
The key is to work with a real estate agent that knows their stuff. These are not the times to be working with part time agents who are only available after 5:00 p.m. You just don’t have the luxury of time anymore. Partner with someone who can give you useful insights on properties, who understands pricing so they can help you place strong offers, and who will stick it out till the end through the disappointments that come with looking for the perfect home.