Hey there, Ivaylo Stoyanov here from the Stoyanov Group and first things first, Happy New Years. We truly wish each and every one of you nothing but great health and only success in 2021. In this video I want to discuss with you whether it is a good idea to buy or sell your home in today's market.
You have heard me say it more than once now, the freehold market has been and continues to be super hot as we go into 2021, while we are still seeing the condo market with a lot of inventory yet not enough demand to match it, which is still keeping prices lower than the early 2020 market. If you are looking to sell a freehold property, there has never been been a better time as prices are at historic highs and still rising. I understand what you might be thinking, what goes up must come down however demand for freehold properties around the GTA and surrounding areas does not seem like its slowing down as more and more people are starting to work from home and looking to move to a bigger space.
Now on the other hand If you are a condo seller, my honest recommendation would be, if you don't have to sell, just wait until we start seeing more demand which WILL come back. Canada has an immigration plan which plans on bringing enough immigrants over the next several years to really impact the Toronto condo market. If you must sell your condo in the current market, make sure that you are using the correct pricing strategy as well as all selling tools available to maximize your sale price, and as always that is something that my team and I will be happy to help with.
Now if you are a buyer in the current market you will benefit from buying a home sooner rather than later. If you are looking to buy a freehold home, prices are trending on their way up and waiting for them to fall with most likely price you out of the home you would like. However if you are looking to purchase a condo, there is plenty of inventory to choose from right now and you have the leverage as the buyer as condos are still in a buyers market. This will not last forever, condo prices WILL start rising again and many financial institutions predict it won't be that much longer. Mortgage rates are literally at historic lows with most rates falling somewhere around or under 2% and they cannot fall much lower but could always get higher which makes this a great opportunity for buyers to get cheap financing while also qualifying for the most amount of mortgage.
Overall should you buy or sell in the current market of 2021? The answer is YES to both! Freehold property prices still on their way up and no slowing down in sight makes this a great opportunity for both buyers and sellers. Lowest mortgage rates in history making this a great opportunity for buyers to get financing and high condo supply which makes it a great idea for sellers to wait on selling unless they absolutely have to sell however a great buying opportunity as buyers have more leverage in a buyers market.
Now whether you are thinking of buying or selling in 2021, if you are still looking for a great realtor to help you out just GIVE ME A CALL and I will take care of the rest. Thank you so much for joining me today, I hope that I was able to provide as much value as possible, have an amazing day and I look forward to connecting soon.