It’s been a very hot market the first few months of this year! Not a lot of sellers and a lot of buyers with low interest pre-approvals. Numerous multiple offers made sure times were tough for buyers.
We started the year with about 11,000 listings on the market, which is very low. Of course this drives up prices with the amount of buyers out there. That has changed though. We currently have about 25,000 listings on the market. Great for buyers as there is choice….finally!! We see listings staying on the market longer and sellers waiting for multiple offers on their house and getting none!
It brings more balance in the market, which is a good thing! Prices will most likely go down a bit over the coming months. This provides buyers with a great opportunity. It doesn’t look like it will be as extreme as late 2008, but then we were also telling people who were in a good position to get into the market. The ones who did are very happy right now!
It’s negotiation time once again! This is when my job becomes a lot of fun. Negotiating great deals is the sweetest thing.
Last Friday I negotiated a deal on an East York detached home for under market value. Previous market conditions made that almost impossible. My clients are ecstatic about it….they love this house…..and the price they got it for. 
Here are some links to market related articles:
Click here for a great article about the current market by Thomas Cook.
Click here for a market article from the Globe and Mail.
