Well… It’s been weird, but here we are; Summer… 2022.
If you are buying or selling in Toronto right now, it’s a bit like being on a roller coaster at Canada’s Wonderland… and not one of the big, new ones. It’s like being on an old rickety wooden one that flings you around like a rag doll. You turn a corner and get whiplash. Things are turning on a dime. Just when you think you see the straightaway, whoops, here comes Monkeypox. Or, round the next corner, a full percentage point increase in rates. We all feel like we are at a carnival and the candy floss is hard to find.
I am no fortune teller. Although, I am in the right place to pretend to be one. There isn’t a day that goes by when I don’t have a client reaching out to discuss rates and trends in the market. Literally, not one day. I think in the face of chaos we need to remain calm. It’s true that the market has been volatile as have the rates. In fact, it’s been downright bipolar. Inflation is being curbed by raising interest rates and the fallout is that sales have slowed. If you are buying, it’s a great time to do it. There is no question about it. If you are selling, it will likely take longer than it did before. Lower price points are still more attractive to buyers but a good house in a great area is still going to sell. Crazy, over the top, banana prices were not sustainable. None of us can be sure of what’s coming next… Cosmic fireball? China attacking Japan? New virus spread from the droplets of eagle spit?
How can we know what’s next?
To all my buyers… What are we waiting for? Let’s get your approval and get buying. To all my sellers… As my yogi-inspired sister, Lucy, says daily, “SHANTE… SHANTE,” which literally means calm. Calmly, let’s walk toward the next chapter of your lives together. I will take good care of you and use all my knowledge to transition you smoothly and with a little bit of sass and joy.