You know that old saying, “When one door closes another opens! Well in this case, the real estate market was, “When one door opens, another closes! Of course, I am referring to interest rates going down and Trump’s tariffs being implemented.  We thought the real estate market would be in full recovery, interest rates down, the recession over, and a hot real estate market. Unfortunately, between our upcoming elections and the US tariffs, uncertainty has been introduced, and some buyers have made the decision of deciding not to decide.

Does that mean the real estate market is dead? Absolutely not! 5,011 homes sold in March with 42.2% of the homes being detached homes with an average price of $1,423,789. The average price is impacted by the mix of homes sold, and with over a third of the properties sold being condos, the average sale price throughout the market was $1,093,254.

We have seen before how a lack of confidence in what is happening impacts people’s decision making, most recently with Covid. However, what is clear is that people’s desire for home ownership has never faltered, it’s just been postponed. I think those people who have made the decision to get into the market now, when prices are stable and interest rates reasonable will be happy they decided to decide.

I have no doubt that once consumers feel confident in the economy, trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will push forward at a breakneck speed as it has been in the past.

I feel that now is the right time to get into the market. Prices remain relatively stable and well-priced properties are selling at or near full price. Bargains do exist in the condominium sector, an area where there has been a lot of speculation. People bought four years ago assuming prices would be higher and now are forced to sell as they never had the funds to close the transaction. That’s the risk one takes when gambling. But now is a great time to invest in a rental property as great opportunities exist and with lower interest rates and high rental rates, condos are a great opportunity for the investor.

If you are considering upgrading your home, buying an investment property or helping a child get into their first home, give me a call. Please feel free to call, after all, you have a friend in real estate.

Have a great April!

Your Friend in Real Estate,
Jordan Glaser

Call me if you have any questions, I would love to chat!
416-560-4468