Because we’re the mortgage broker Toronto team that cares, we’ve been keeping an eye on the Toronto real estate market. Of course, there’s what’s being called a deep freeze going on as prices dropped in April. That’s to be expected.
However, there’s been some positive news if you’re starting the search for the best mortgage rates. There are some good opportunities out there if you’re buying your first house. For both condos and freehold homes, the focus was on properties moving for under $1 million.
That’s good news if you’re looking to get into the market. However, you need to keep in mind sales were up to 25% down from last year.
According to The Financial Post, sales in Toronto fell a full 66% in April. Prices followed suit with a 12% decline winding up at just under $800,000.
More Mortgage Broker Toronto News You Can Use
Experts have some other interesting predictions about the housing market in Toronto. They are forecasting technology will help with the recovery. That will include digital communications like video meetings. Some of these experts like Peter Norman, Vice President and Chief Economist at Altus Group, even see things returning to normal by the end of the year.
Technology
He also said recently that technology is going to play a big role. Specifically, Norman points to virtual open houses and virtual sales centres. He goes one step further and says that e-signing techniques will be the way to get transactions done going forward.
Other research backs up his claims. In fact, a recent study from Point2Homes says 80% of responding agents expect their businesses to return to normal in the next year.
There’s no reason why you can’t start shopping now. As your mortgage broker Toronto, we are always committed to getting you the best mortgage rates. Get in touch today.
