In the first two weeks of August, there was a 29 percent difference from the same time last year as well for Toronto existing home sales.
Home sales across Toronto are down, but it was to be expected.
In July, existing home sales across Canada fell 30 per cent when compared to July 2022, with Ontario and British Columbia pulling down averages across the board and taking the blame almost entirely according to the Canadian Real Estate Association.
Home buyers seem to be sitting on the fence with slightly higher expectations because of the booming market and lower prices earlier in the year and all of the current uncertainty is leading to hesitation for sellers when putting their homes on the market.
Even the Bank of Montreal recently released a statement in response to the latest numbers saying that it seems anyone who was going to buy a home this year had simply done it already.
While the decline is a bit more than was expected, sales in 2022 were high above the expected trend, leading to a larger-looking decline than reality would suggest. The ups and downs are a normal sign of a healthy market.
Regardless, the ebb and flow of the real estate market doesn’t change how people move, be it for a new job, lifestyle changes or any other reason. Your Toronto real estate agent watches the markets carefully and can help you determine the best course of action with regards to pricing your home so it sells.
What’s One Of The Most Important Documents When Buying Toronto Real Estate?
Buying a home in Toronto typically involves a number of documents, but one of the most important of these documents is the Land Survey. It sounds like an outdated, unnecessary piece of paper, but not getting a Land Survey can have expensive consequences! Toronto-Real-Estate-Driveway
A Land Survey includes things like the property’s physical features, the size of the land, boundaries, and geographical features.
Toronto Real Estate Lawyer Bob Aaron writes in a recent column that the Land Survey is one of the most important parts of a real estate transaction even though it is not a required part of the agreement of purchase and sale.
In his column, he tells of a situation where the buyers of a house didn’t own the driveway that provided access to the house, but this wasn’t mentioned in the MLS Listing. A Land Survey would have revealed this to them.
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