RLP Maximum, a well-known Toronto Real Estate company has announced that Toronto real estate sales look very likely to rise not only quickly, but more quickly than expected by many.
According to a recent Leger survey, 56 per cent of Canadians who are planning to engage in the real estate market in some way expect to do so in less than a year. This unexpectedly short period of time given the current difficult times caused by the pandemic are thought to indicate a renewed eagerness to get back to buying and selling.
Whether a client is interested in looking for detached homes for sale, or whether they are considering selling their own detached home there are indicators in other parts of the world facing the same issues that say that the time to start initiating the buy or sell process is already here.
Just because it is a “buyer’s market” in parts of Toronto does not mean that it is not worth selling now. Many of those who are in the market are actually newcomers to Canada.
A reputable study undertaken by Royal LePage showed that one in every five homes sold in Canada is actually bought by newcomers to the country. This surprisingly high statistic brought to light by the study shows that even in problematic times there is still likely to be a demand for homes in sought-after areas.
According to the Royal LePage survey, the Greater Toronto Area, B.C.’s Lower Mainland, and Greater Montreal are the three main areas where these newcomers make their homes. Obviously, this is good news for anyone in the Toronto area considering selling their home at any time let alone uncertain times such as now.
Tom McKay, a spokesperson for RLP Maximum, said, “A lot of people interested in selling don’t realize that many immigrants to Canada are very well set up financially. They immigrate into the country not only expecting to buy a home but actually ready to buy.”
Many immigrants are actively looking to buy houses that are listed on the market for sale. In addition to its listed houses, RLP Maximum also has many listings of condominiums for sale, both in Greater Toronto and elsewhere that are also proving to be sought after by would-be purchasers.
Mr. McKay continued, “Many people actually prefer the convenience of a property like a condominium, because they essentially don’t have to maintain a yard or common area. In addition, they sometimes come with sought-after amenities, such as a fully set up gymnasium, perhaps a jacuzzi and/or a sauna etc. It’s surprising how many people like to have such things close at hand.”
Real estate professionals and analysts have stated that they expect sales to go up at any time. “Even a cursory look at sales figures and things going on elsewhere in the world and it’s easy to project what is likely to happen here,” said Mr. McKay.
“For example, studies have shown that Norway is actually the closest match for what is going to happen in the North American markets,” he continued. Norway is considered to be comparable to North American technology and transparency in terms of their real estate market.
But even a quick search shows that sales have not stopped, and a specific real estate search will indicate that prices overall are fairly stable in the market – which is good for both buyers and sellers.
Part of what keeps the market fairly crackling with energy is the confidence that buyers and sellers have about the stability of the market.
That confidence is high, which is shown by the fact that these studies also revealed that 29 per cent of Canadians believe that before the end of 2020, the real estate market in Canada will return to its pre-pandemic strength.
“Obviously, if you’ve been considering selling, this is the time to start that ball rolling,” said Mr. McKay. “We can make sure that your listing gets the attention it deserves.”
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