Let’s just call it out: buyers are frustrated.
Options are limited, prices are rising fast, and many buyers feel that they are overpaying.
Yes, it’s wild out there and buyers have every right to feel the way they do.
Yet, all of this brings me back to the Spring of 2017: what I refer to as the “first wave” of the GTA migration to Waterloo Region.
Bidding wars, sales 100k over asking, prices skyrocketing 20-40%, seemingly overnight.
Buyers felt the exact same way as they do today: “we’re overpaying.”
Since then, those same buyers have gained upwards of 50% in equity.
Four years later, they’re happy.
As hard as it may be at the moment, it’s important to remember that real estate is a long-term investment.
It’s also critical to understand short- and long-term market dynamics: WHY are prices rising?
As we’ve discussed, buyer mobility has changed because of COVID.
Remote working allows buyers to leave major metros and chase more affordable options.
That’s not going to change.
For many in the GTA, one of North America’s largest and most expensive metros, Waterloo Region is attractive – and will continue to be for the foreseeable future.
Prices, in time, may become more balanced across cities in Southern Ontario.
The landscape is changing. It seems sudden, but it’s perhaps the accelerated version of what was inevitable in the long-term.
And while it can take a lot of discipline in times like these, when it comes to real estate, the “long-term” is where we need to try and live.
If you are thinking about buying, selling, or investing, now is a great time to chat about what’s happening in the market and the alternatives available to you.
From Waterloo Region to Woodstock, Stratford, Brantford, Paris, and beyond, we’re here to help you achieve your short- and long-term goals.