Real Estate Agent in East York - Better Homes And Gardens Real Estate

DWELLING PROPERTY PERSPECTIVES 029: Will the bubble burst?

29 April 2017
Kevin Hartley

Answers to some questions you may have about East York’s real estate market...

(Note: Originally published in April 2017)

With spring in the air not only is home renovation season is underway, it’s also a time of year many people consider looking for a new house while others are looking to sell. There are several questions you may have about what is happening with the East York real estate market.

What’s happening here in East York?

We live in BOOM town. There is plenty of room for price improvement. The gentrification of shops and restaurants that is happening along the Danforth and on some of the interior streets is very exciting.

The transit, roadways, great schools, parks, the Taylor Creek Ravine, the hospital, it’s all here ready and waiting. Subject of course to bylaws and codes, many East York homes hold potential for the addition of an income suite or second level, in some cases lot splitting or the development of multi-family homes.

We live in a very appealing market!

Is the market bubble going to burst?

I feel there are some bubbles to burst, but I don’t think they are the ones we necessarily anticipate.

The Ontario government recently implied they would review the policies governing real estate brokerages/agents and how transactions are processed; it’s a dated policy from 2002 that needs revision.

I look forward to that bubble bursting and having positive outcomes for the consumer while raising the bar on policy and (realtor) performance, particularly around how multiple offers are reviewed.

What about prices, will they hold?

Economies staying as they are, I believe prices will stay strong but level off.  Unless incomes also increase dramatically, and they haven’t, we have to be nearing some ceiling on price.

That said, one hundred thousand people are estimated to be arriving in Toronto each year through to 2020, so the demand for all types of housing is going to remain strong. It’s a hard pill to swallow, but GTA pricing is just catching up to that of other world-class cities.

Our city, our neighbourhoods are phenomenal!  We complain a lot and fight for infrastructure improvements but even “as is,” Toronto is consistently ranked one of the most livable cities in the world.

Tips or suggestions for our EY neighbours who want to sell?

I could expand on the benefits of staging, or snazzy faucets and contemporary upgrades to help locals earn top dollar, but I’m compelled to stress the importance of interviewing multiple local agents.

We (agents) graduate the same basic training; we’re overseen by the same governing bodies; our brokerages offer few differentiators. So the big differentiator with ultimate value to the consumer is the actual agent: their real estate experience, their life experiences, their personality and their communications style.

There are a lot of fantastic options here in East York! But, like any industry, there are cracker-jack newbies, and some stale lifers. You are going to be working very closely together on a transaction that is substantial, both financially and emotionally so you owe it to yourself to physically meet the options and pick someone who you feel comfortable with on multiple levels. It’s OK to actually “like” your agent!

Thanks for reading. Questions or ideas for a future blog? Feel free to contact me here.

TorontoMLS, realtor_toronto, real_estate_agent_toronto, Top_real_estate_agents_in_Toronto, best_real_estate_agent_toronto, top_10_real_estate_agents_toronto, ipro-Realty, Houses_for_sale_east_york, east_york_homes _for sale, east_york_real_estate, houses_for_sale_in_east_york_Toronto, TorontoMLS, Toronto_real_estate, Toronto_housing_market, Toronto_real_estate_market, realtor_toronto

Kevin Hartley, Broker is a Toronto based real estate Broker with Better Homes & Gardens Real Estate | Signature Service, Brokerage. @Home is his lifestyle blog, an expression of his passion for home keeping though MAKING (Recipes), DOING (DIY), BEING (Health/Wellness) and DWELLING (Home Ownership, Sales & Maintenance).  Content not intended to solicit clients under contract.

Partner with @home for client, blog, social media, advertising, sponsorship or contest opportunities. Learn more here!