Last week I wrote about something I’ve been noticing in the market.
The buyers are out there.
They’re coming to open houses, attending our first-time buyer seminars, asking questions and watching listings.
But many of them still seem hesitant to make an offer.
So what are they waiting for?
Lower prices? Lower interest rates? More certainty around the economy? Probably a bit of everything.
Then I came across a number this week that really caught my attention.
156.
That’s how many condo units started construction in the City of Toronto in the first half of this year.
Just 156.
For comparison, Toronto averaged about 7,000 condo starts a year over the previous decade.
Right now, condo buyers have something they haven’t had in a long time: choice, time and negotiating power.
Prices are down. Sellers are more flexible. Investors are struggling with cash flow. And developers have responded by pulling back dramatically on new construction.
That makes sense today.
But what happens a few years from now if we simply haven’t built enough homes?
That’s the contradiction I keep coming back to.
Buyers are nervous today, but tomorrow’s problem could be lack of supply.
I’m not saying buyers should rush out and buy something just because they’re afraid of missing out.
But if you’ve been waiting for everything to feel perfectly safe, it may be worth asking yourself a different question.
Instead of:
What if I buy and prices fall a little more?
Maybe ask:
What happens if I wait until everyone else feels confident again?
Because right now, buyers still have something pretty valuable:
Choice.
Time.
And negotiating power.
The question is how long all three last.
And if you need to buy and sell, please don’t forget to call Davelle.
My First Home: How to Buy Smart in Toronto
Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto.
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