Navigating Toronto's 2022 Spring Housing Market

Even though it's still quite chilly outside, the Toronto spring real estate market is already buzzing. This year's spring housing market is shaping to be the finest ever!   

The real estate market has been quite unpredictable and soaring lately. However, the limited housing supply has made it a reasonably tight seller's market. Post-covid, the anticipated fluctuations in interest rates and market predictions are beginning to change things. Over the next couple of months, the market will gently slow down. 

Throughout 2022, the Toronto housing market will likely remain in solid seller's territory due to the lack of housing inventory and high demand. First-time homeowners and move-up buyers continue to drive demand in the region. Single-family detached homes see the most year-over-year price appreciation, steeply rising by 15.8%; town homes by 11.9%; and condos just over 5 percent last year.

Prime time for Sellers and Buyers

Buyers and sellers can benefit equally from the market being at its peak. The glaring advantage for sellers is the soaring real estate prices. There has never been a better time to sell. However, as the year goes by, buyers might begin to experience buyer fatigue, causing the market to temporarily slow down. Therefore, take advantage of the prime real estate season this spring if you want to sell.

If you are a buyer and prefer having multiple choices when house hunting, this season is for you! Looking for a new home when the market is at its peak can be extremely pricey but also rewards you with new listings being frequently updated. Toronto's spring housing market offers the highest number of listings compared to any other time of the year.

Spring Market for Buyers

In this tight seller's market, buyers must be extra prepared as you will have to enter a multiple offer with at least 10-15 buyers. Therefore, organizing your financials and being fully pre-qualified is the first step to closing on a house. 

In the event of an offer, make sure you have instant access to your funds. Having a professional agent assist you with these tedious, time-consuming, yet incredibly vital tasks can put you on the fast track to buying your new home.

Spring Market for Sellers

Given that the buyer pool is slightly larger than the current total number of listings, sellers have a clear advantage. However, you can't just put up an ad on a real estate website and expect a sale the next day.

Allowing yourself the time to organize and focus on pre-sale improvements is crucial. You must seek the advice of a professional agent and help get your home improvements and financials in order before you sell. Experienced agents can guide you with renovating and staging your home to get your listing off on the right foot.

If you are someone who's looking to move up, you can request an extended closing on your home, giving you almost 2-3 months for house hunting while the market is still at its prime.

Hire an Experienced Agent to Navigate the Toronto Spring Housing Market

Whether you are looking to buy or sell, the right deal is just around the corner. Contact the Suzy Goldstein Team today and tell us about your Toronto real estate goals. Our passionate and highly experienced sales professionals will find you the right fit.