In a word, yes!
One of the major causalities of the decline in the market is luxury homes and condos. Jenny and I would encourage anyone who sold and is waiting it out in a rental to start looking now.How
Why?
Because we have seen the bottom of the market. Things are beginning to turn around. We are seeing increased demand and low inventory. These two factors generally drive prices up.
How does this impact investors?
“The housing market is a continuum,” Sotheby’s International Realty president and CEO, Don Kottick says. “It goes from rental units right through the luxury segment. It’s all interrelated. Usually, when the upper tier is going, it means we’re operating in a very healthy market. People are moving up and that creates opportunity for the investor.”
Luxury properties are starting to move. An active luxury market indicates healthy levels of consumer confidence.
Detached home demand tends to run with the school year but not always. Families are often displaced due to job relocation or are waiting for the perfect home while they spectate the market from the sidelines. Buyers are always looking and a well priced home will sell.
Condos tend to lag and are last to be impacted by the market. If you are curious about downsizing to a luxury condo, this could be the best time.
The District has reduced the allowable size of homes in many instances. If you need a lot of space, you are better off buying something a few years old. Styles have not changed dramatically in the last few years but the size of a home’s footprint has. This will also save you a small fortune in GST.
The District is currently revamping its policies on basements. This could have a huge impact on builders, custom builds and the rental market. Stay tuned for more info on this. The DNV is quite tight lipped but we always have our finger on the pulse.
If you sold in the peak years of 2016 to 2018, you are in an excellent position to take advantage of new homes and high end real estate. Quit hiding out in a rental and let’s start looking. We are seeing prices in Edgemont we haven’t seen in years and some amazing new homes in Lynn Valley. Builders have taken note and started to offer finer finishings in Lynn Valley.
If you purchase prior to completion, there is also the opportunity to customize. We have done this with great success and written our client’s specifications into the contract so there is no confusion about the end result. Wouldn’t you want Miele or Wolfe appliances, name brand counters and real stone, if you were building yourself? We thought so.
We have seen some amazing opportunities to purchase homes previously priced at much higher listing prices. We have a short list of the best buys now. If you would like us to share the info with you, drop us a line. We are always happy to help!
We are here to work in your best interests and negotiate on your behalf. We think of things that you may not because its our job and our passion. We want you and your family to enjoy your home.