There’s nothing new to speculations about the real estate bubble bursting in Toronto. So how have things changed since this discussion first came into being? Does the price of housing in Toronto show a bubble existing that is liable to burst, or is this simply a situation where housing costs will continue to rise according to supply and demand?
Why Pay Attention to Housing Costs?
Whether you’re considering the right time to buy property in the city or are looking to downsize from a home you currently own, it is critical that you get to the bottom of these questions. Depending on property values at your time of buying or selling, you can either save or gain a substantial amount of money merely by paying attention to these trends and playing your cards right.
The excess in the Ontario housing market is over, and those who have to sell today are seeing a price drop. That said, current prices are still very good compared to the last few years, and most forecasters expect to see the market stay reasonably solid throughout 2022 and likely see prices start to solidify in mid-2023. So if you are considering moving to areas like Niagara Region, now is a good time to start planning by contacting a company like Blythwood Homes, who can design a custom-built townhome for you in that area.
If you’re sitting on valuable property, waiting for the best time to sell, you can start looking at where you might want to move to this year or next. Now is an excellent time to declutter your home and make any minor upgrades you think would enhance your selling value. Then you will be ready for a likely improvement in the market coming in the spring of 2023 or, more likely, the fall.
New homes aren’t cheap nowadays, but they have lasting value with more comfort, minimal maintenance and excellent energy efficiency. If you have a home in a prime area, you may have to sell for a bit less than you would get last year, but you still benefit significantly from increased prices over the last decade. You can start looking now for a custom home to be delivered in 12 to 18 months.
The Case for Downsizing
The critical thing to consider is your lifestyle. Are you looking for a more relaxed pace? Need one-floor bungalow living? Want less maintenance and turnkey completion? For all these reasons, starting the search for your ideal downsizing option today is a good idea. Blythwood Homes continues to build quality homes in areas with a great lifestyle like Ridgeway in Niagara Region.
To maximize your retirement options, consider moving to a spacious detached bungalow townhome. A townhome will also offer year-round snow and landscaping maintenance, which works well for people eager to travel south in winter.
Contact a custom townhome builder to get started on your next home, so you’ll be ready to sell your home when the time is right.
Interesting Related Article: “How Low Mortgage Rates Impact the Housing Markets“