Is Toronto a Sellers’ Market? Depends on Where You’re Looking

There’s been a lot of talk lately about Toronto’s sellers’ market. But if you’re looking for a new home in the city, or you’re trying to sell your home in the city, is it really? It really depends on where you’re looking.

A sellers’ market occurs when there are more buyers in the market than there are properties for sale. Because buyers become somewhat desperate at this point (especially if they really really¬†want to buy a home now,) sellers can ask pretty much whatever they want, and make whatever conditions they want on any offers they receive. Lately, Toronto has been identified as a sellers’ market. But is it really? It all depends on what kind of property you’re looking at, or which type you’re trying to sell.

If you’re trying to sell a single-detached home, or even a duplex or triplex, the market still belongs to the buyers. This is because land is of short supply in Toronto and as such, there are few properties that aren’t a huge mega-tower in the sky. It’s for this reason that single-detached homes can have an average asking price over $800,000, and why sellers of these properties can get away with so much such as putting all kinds of conditions on any offers they receive, and waiting it out until they find the perfect buyer. Because the chances are that he won’t have to wait very long.

However, if you’re not selling a single-detached home and instead are trying to sell a condo, it’s still fully a buyers’ market, and it will continue to be for some time; which is really good news if you’re trying to buy one right now. There is such a huge overstock of inventory of condos right now on the Toronto market, that buyers of these properties really have their pick of the crop, and can wait until they find the perfect one for them, or the perfect seller that’s going to try really hard to get them into that condo as soon as possible; while making it as easy as possible for them in the meanwhile. And the chances are in this case as well, that condo buyers aren’t going to have to wait that long either.

There’s a lot of talk going on right now about whether Toronto is a sellers’ market or a buyers’ market. The truth is though, the market is just too big, and there’s too big of a difference between the different types of properties, that Toronto is not any one type of market. It is both a buyers’ and a sellers; market, and it simply depends on where, and at what, you’re looking at.