Taking the temperature of the Toronto market

It's April -- baseball has started, the Maple Leafs are golfing, and (traditionally) "for sale" signs should be sprouting. In an article in yesterday's Globe Real Estate section , available at http://preview.tinyurl.com/4xs76j, there were some interesting points made.

A CIBC World Markets economist said that for the first time in 7 or 8 years, it looks like it will be a balanced market between buyers and sellers. He anticipates a market where buyers will be able to take their time, have a house inspection done, and be able to avoid bidding wars. His prediction is that prices will rise, but at the general inflation rate of about 2 per cent.

Since I'm not planning on selling my house this year, I think this is good news for the home market. We've aways seen articles about more than a dozen competing offers on the "must-have" house in the hot neighbourhood. (There was a good example in last month's Toronto Life.) Being able to sit down ahead of time and figure out what you can afford, and then know that the list price for the house is not likely to be the starting point.

So, is this the time to buy? If you were considering a purchase, I see no reason to change your mind. And if you've been considering the possibility, why not check the open houses that will be coming soon to a subdivision near you.

And keep an eye on new listings in the areas you are considering. In the Globe article, an agent said that the problem is "there's not much inventory, but what there is, is selling."

And if you are interested in checking out the market, but aren't sure what kind of mortgage you'd qualify for (or, indeed, would be best for you) get in touch with me.

Happy home hunting