Should I sell? Where do I go if I do sell? Will my children ever be able to buy a home? Where is all the money coming from for all these “over list” multiple offers? Has the market gone nuts? These are just some of the questions I’m hearing every day.
The reasons for this real estate boom? The Toronto fever has migrated to the Kawarthas. The increase in foreign investment in Toronto has escalated the market price of homes and real estate in general. Canada is one of the least expensive countries in the world to buy property. The European and Asian investors are flocking to Canada to take advantage of prices in a politically stable country.
As prices rise, Torontonians, especially baby boomers, are selling their properties and moving east and north. Accustomed to higher prices, they are bidding their way into Kawartha properties. Purchasing at substantially less than what they have just sold, they bank a tidy sum for their early retirement. It’s great news for Kawartha sellers but not for buyers.
My best advice is to relax. The market changes weekly. Now that we are in the spring market and the hysteria has generated an increase in supply, we will return to a more balanced market. Normal offering process will return shortly.
Do I sell now? You should sell based on “your” life situation. What do you want to do? Where do you want to go? Does a change make financial sense? Answering these questions make your decision much easier.
As a realtor, at times I chuckle at the statement about my children’s opportunity to ever purchase a home. Forty years ago my Dad told me when I built my first home, you will never pay for it and if the economy goes bad you may lose it. I am certainly glad I didn’t need his advice. Since then the price of property has quadrupled and more. Many more people are self employed and earnings have increased. The world continues to change and people change with it. The real estate market is no exception and continues to be the greatest investment opportunity of our time. Relax and enjoy the opportunities.
By Jerry Bryans