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Time may be money for T.O., Vancouver sellers

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Guest | 15 Oct 2012, 09:25 PM Agree 0

“We expect a gradual unwinding of the imbalance in both sales and prices over the next few years,” writes TD’s Francis Fong, responding to September sales numbers for existing properties – down 15 per cent from the year-ago period, according to CREA. “Moreover, the bulk of the correction will be concentrated in markets we feel are particularly overvalued, such as Toronto and Vancouver.”
The assessment, echoing those of other leading economists, suggests there may be little advantage in waiting to sell, if, in fact, a sale is part of the investor’s short-term strategy.
Still, any additional homes on the auction block may speed the erosion of property values in Canada's two "hottest" markets.
The number of newly listed homes rose 6.5 per cent from August to September as other investors and homeowners looked to sell up ahead of a price correction.
That hasn’t as yet happened in Toronto, where prices rose over 1 per cent in September from the previous month.
But the slowing market may be enough to encourage some investors to give up their flipping strategy in favour of a buy-and-hold one, said another market analyst Monday.
  • Irene Szkubiel | 17 Oct 2012, 04:40 PM Agree 0
    Real Estate Market Outlook
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