There’s no question that the real estate market in Toronto has changed over the last few months. The pace has slowed considerably, and the rabid buying frenzy seems to have softened. You can no longer assume that your listing will get multiple offers or start bidding wars. However, contrary to what you may have heard, it is still an excellent time to sell a home. Resetting your expectations may be necessary as you simply will not earn as much from selling now as you would have back in February. But you’re also not going to have to pay record-high prices to secure your new home either. The market has become far more balanced, and that’s good news for everyone.

WHAT DO THE CURRENT STATS SAY?

In June, real estate sales decreased 41.4% from last year, and inventory levels have increased to 2.5 months worth of supply. As time goes on, we’ll likely see even more listings become available. Some people are hearing whispers about a buyer’s market, but only because they are comparing it to last year, which was far from typical.

Five years ago, if “only” 2.5 months’ worth of inventory were available, we would have considered it a robust seller’s market! The fact is that sellers still have the advantage, even as the market cools off from its scorching hot peak earlier in the year.

The average price of a house in Toronto now stands at $1,146,254, down from February, but still 5.3% higher than last year.

Homes are still selling, and at higher than normal prices. It may take a little more work on your part, but the market remains on your side.

A successful sale now depends on preparing your home properly and understanding what buyers want.