{"id":8473,"date":"2016-11-29T01:00:26","date_gmt":"2016-11-29T06:00:26","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=8473"},"modified":"2016-12-07T12:04:54","modified_gmt":"2016-12-07T17:04:54","slug":"no-holiday-real-estate-slowdown-expected-for-2016-expert","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/no-holiday-real-estate-slowdown-expected-for-2016-expert\/","title":{"rendered":"No Holiday Real Estate Slowdown Expected for 2016"},"content":{"rendered":"

When you are in the business of selling homes, the time of year often dictates how busy you are likely to be. Usually that is the case, but the 2016 Toronto real estate<\/a> market is anything but typical, as record-breaking sale volumes become the norm.<\/p>\n

The MLS Home Price Index Composite Benchmark<\/a> was up by 19.7% on a year-over-year basis in October with the average selling price for Toronto homes increasing to $762,975 \u2013 a 21.1% jump over the same time period.<\/p>\n

Holidays Typically Slower<\/h2>\n

Coming into the holiday season, one would expect activity to chill, but according to real estate agent Doug Vukasovic of Zoocasa that doesn\u2019t appear to be the case this year.<\/p>\n

\u201cTypically sales will slow down over the holidays,\u201d says Vukasovic. \u201cA lot of people are out entertaining, going to company parties and doing their Christmas shopping. That means if people are going to buy a home it is usually put on hold. The peak season for sales is usually spring and fall.\u201d
\nAside from the holidays providing ample distraction, December rolling in also means the mercury in the thermometers plummeting, which also acts as an impediment to selling homes too.
\n\u201cWinter is usually when things slow down, but that depends on how cold it is,\u201d says Vukasovic. “People don\u2019t like trudging through the snow to look at properties.\u201d<\/p>\n

No Seasonal Slowdown in 2016<\/h2>\n

We are yet to feel winter\u2019s cold icy grip as of yet, but it can\u2019t be too far off. According to Vukasovic, however, the current GTA marketplace means the holiday season lull may not materialize this year.<\/p>\n

\u201cI feel like right now is a bit of an anomaly because the market is still very hot,\u201d he says. \u00a0\u201cInventory is quite low, so even though the holidays are right around the corner it still is really hot. There is this pent up demand right now in the GTA, so when something is listed people are jumping on it.\u201d<\/p>\n

The fact of the matter is that demand is currently outpacing supply in the city, so prospective homebuyers aren\u2019t likely to let cold weather or Christmas shopping distract them from getting the right property. That goes for both freehold houses, townhouses<\/a> and condos, as Vukasovic explains.
\n\u201cI was just on my way to do a showing for a condo, the property just came on the market and it\u2019s already sold. You literally have to be out on the first day to secure a property. Bidding wars for condos were really rare before, but this year it\u2019s almost become standard practice.\u201d<\/p>\n

An Unclear Future Forecast<\/h2>\n

Toronto\u2019s molten hot market meant the federal government saw fit to act in October when it introduced new lending rules. The perceived wisdom was that this would slow sales down and bring some normalcy back to the market. That hasn\u2019t been the case, so far at least. It means predicting where the house prices may be headed is quite difficult as we approach the end of 2016.<\/p>\n

\u201cTruthfully I think everyone is having a hard time forecasting where the market may be headed,\u201d says Vukasovic. \u201cTraditionally it is meant to be slow at this stage, but right now it\u2019s really hot. \u00a0The government has tried to implement several measures to try and slow down the market but it doesn\u2019t seem to be working. Despite that new lending rule that came in on October 17, there still is a lot of demand out there.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

When you are in the business of selling homes, the time of year often dictates how busy you are likely to be. Usually that is the case, but the 2016 Toronto real estate market is anything but typical, as record-breaking sale volumes become the norm. The MLS Home Price Index Composite Benchmark was up by […]<\/p>\n","protected":false},"author":47,"featured_media":8630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[76],"tags":[],"class_list":["post-8473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home"],"yoast_head":"\nNo Holiday Real Estate Slowdown Expected for 2016:| Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Typically, the market experiences a holiday real estate slowdown in the winter months, as buyers and sellers put off their plans - but not this year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/no-holiday-real-estate-slowdown-expected-for-2016-expert\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No Holiday Real Estate Slowdown Expected for 2016:| Zoocasa Life\" \/>\n<meta property=\"og:description\" content=\"Typically, the market experiences a holiday real estate slowdown in the winter months, as buyers and sellers put off their plans - 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