<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=294326554740919&ev=PageView&noscript=1" /> Why Follow the Pack? - Wilson Sisters

Why Follow the Pack?

23 January 2013
Wilson Sisters

We have to admit, it’s a very frustrating thing for us when the condo market takes a bit of a dive, that buyers, instead of buying when no one else is, take the “wait and see” approach. Why oh why don’t they take advantage of the lack of competition in a market that is so often pro-sellers?

We know the mixed messages from the media don’t help. Seems every day there’s one article proclaiming the end of the world as we know it, and yet another explaining that things are looking up. What we do know however, from experience, is that when prices come down, and buyers are sitting on their laurels, there is never a better time for you to make your move. When we had a dip in the market in early 2009, we saw a lot of people withdrawing from their searches, same as they have been lately. We happened to be working with one very saavy real estate investor who knew that he had a golden opportunity, and he used it. He picked up a one bedroom condo downtown in a very demand neighborhood for $215,000, tenant firmly ensconsed within. Exactly one year later, when the mob of buyers was back, he sold it for $272,000! Not bad, huh? He had no idea that things were headed back upwards so quickly, and was fully prepared to hold the condo for the long term, which is always wise, but with a chance to make quick money like that, he took it.

We are seeing a bit of life coming back into the condo market in Toronto over the last two weeks, and no one can really say for sure whether it’s a temporary thing, or if things are on the mend, but we can not stress enough, if you’re thinking of buying a condo over the next year in Toronto, why wait until everyone else is too?