The Real Estate market in the GTA has been all the buzz this year albeit for diametrically opposite reasons. The first 90 days of 2017 are what I now refer to as ‘the lucky’ quarter for many home sellers. Staggering price increases led many to hop on the bandwagon; and across the GTA we saw prices jump 25 – 40% in value depending on the specific neighbourhood. An incredible few months no doubt, and not quite what was expected when we blogged about the year ahead last December. I guess the Crystal Ball was off by just a bit!
And then the ‘odd’ quarter. April – June saw uncertainty creep into the market with a staggering increase of inventory coupled with the loss of buyer confidence. We slipped into a more balanced market, teetering on uncertainty. And in response, our blog shifted to what a crazy roller coaster this year has been. Sellers began to question the skills of their Realtors while buyers began to question the logic of buying in the GTA. It was a difficult few months of balancing expectations.
The third quarter of this year became the ‘unlucky’ quarter for many. Firm home sales earlier this year began to fall apart; buyers who had purchased in advance of selling now found themselves unable to sell and potentially unable to close; and in some extreme cases, buyers simply walking away from their deposit. (Not so easy when you fully understand how a Real Estate deposit works). Suffice it to say that we have given back much of this year’s earlier gains. The good news is that prices are still tracking higher than a year ago, so we do remain stable and more balanced even though it may still appear a bit rocky. As we wrote back in the mid-summer, now more than ever is when you need the guidance and expertise of an experienced Realtor. Keep Calm and know that cycles come and go – and know that we are here to help.
FALL MAINTENANCE TIPS
Examine roof, eavestroughs & downspouts for debris. Make sure to clear the leaves and dirt from the troughs and spouts to allow water to flow freely during the Spring thaw.
Examine the grounds under your property. Check walkways for cracks and loose pavers. Having loose pavers can potentially cause a trip hazard. And re-grade areas where your landscaping or grass slopes down toward the foundation. Spring thaw water can find its way to your foundation and a sudden cold snap can cause your foundation to crack or heave.
Change the filters in your home regularly. Remove window air conditioning units from windows. Cleaning the air filters will help keep our family healthier in the Fall months.
Take a look at your faucets in the kitchen and bathroom and repair any leaks prior to the colder months.
Prepare your woodburning fireplace for the winter, ensuring old ashes are removed. Keeping the damper open will allow fresh air to flow freely through the chimney.
Check your windows and doors for drafts. Take a look at the seals on the windows to ensure the seal & caulking around the window frame is in good condition.
Clean and store all seasonal outdoor furniture and yard tools. Powerwash cushions on outdoor furniture. Once dry place in a covered area to prevent from cracking or fading over the winter.
Test your Smoke and CO detectors to ensure they are in good working order and replace any batteries in preparation for the Winter.
Do you have a Real Estate question that you would like answered?
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