festival south vmc vaughan.Is the Canadian property market cooling too fast? A real estate agent in Toronto, Canada, recently lamented that the housing market has cooled too fast, from 15-20 buyers grabbing offer to only 2-3 in a week, calling on those who want to sell houses to sell as soon as possible.Please Visit: festival south vmc vaughan to Get Your VVIP Registration Today!
Real estate agent Dajan Kumarasamy says the real estate market in the Greater Toronto area is changing too fast.
“it’s like a switch,” he said.
He put up for sale three or four houses in March, and within a week, they received 15 to 20 offers.
But the following week, it fell to only 2-3.
“I was so shocked. I thought, what happened? Then I told all my clients, ‘Hey, if you need to sell a house, sell it now, because the market is falling.’ ”
For the past two years, Coomarasami has been busy grabbing offer bidding wars and bullying bids (bully offers). House prices in his Durham Region district are rising 30 to 40 per cent a year as buyers flock to the suburbs in search of more living space during the pandemic.
Now, he says, some unique properties, such as those with large footprint or special renovations, still have 20 or 30 offers, but houses with mediocre conditions are “just a little stagnant.”
Real estate agents know that no one will cry for them in the cooling real estate market this spring.
But the shift from bidding wars and bullying bids to moderate offers will pose new challenges for real estate agents. Kevin Kevin Crigger, chairman of the Toronto Real Estate Bureau, said they must understand their customers’ expectations, including those of sellers and buyers, as well as their own business.
This can be a confusing period, as some sellers do not realize that their homes may not be able to sell at the same price as in February, while buyers are trying to figure out whether the listing price is close to the expected price.
‘This requires real estate agents to adjust, which is what we have been used to doing since the beginning of COVID-19, ‘Mr. Krieger said.
“We are making adjustments around how to do business, how to sell real estate and all these things. Now we are turning to recommending our strategy to our customers, “he said.
More confusingly, sales and house prices have not fallen across the board. Some properties and prices are deadlocked. Luxury homes, for example, tend to be less affected.
“it’s mainly because the luxury market is self-determined, which is actually about personal motivation, not finance,” Krieger said.
For brokers, they are a little anxious about the next commission.
Mike Walsh (Mike Walsh), a buying agent in Oakville, believes that when the market fluctuates again, the number of brokers may decline.
“I don’t think that’s a bad thing,” Walsh said.
Walsh added that for brokers like him, who only represent buyers, this is an opportunity to get out of the auction-like environment of the past two years and do something.
Coomarasami also said he was not worried about this year’s income, although he expected it to be lower than last year. But he heard concerns from other brokers, and the management of his Re/Max Realtron brokerage firm has been trying to ensure that the Toronto property market will improve.
Krieger, chairman of the real estate bureau, said the weak market “will test a lot of people, because it will be more challenging in the coming months as the market stabilizes and consumer confidence regains its foothold.”
As an industry leader, Krieger advises real estate agents to pay more attention to their clients’ best interests and guide them with the information currently available. ‘in the long run, building that trust is important to their real estate business,’he said.
Margarita Gelowitz, a real estate agent in Missouri, said she would not be surprised that sales in the suburban housing market continued to slow as more and more people were asked to return to the office.
Buyers’ bids don’t necessarily show up on the agreed night of robbing offer, but for those who don’t want to compete for Offer, they may sometimes show up the next day, she said.
Glowitz says some of her buyer clients are happy to see the market cool, not because they want to save money, but because they have a more realistic understanding of the price of the house.