The Tortoise of June or…The Backward Crab of July
I saw a Common Snapping Turtle attempting to lay her eggs on the Chorley Park hill in Rosedale. This week friends have sent me photos of turtles on bike paths. I’ve seen painted turtles on logs and a naturalist has reported to me he saw turtle eggs hatched on a big rock where those eggs had never-before been seen. It just may be for the turtle – a peak cycle year.
In real estate, it’s a turtle market for certain – specifically, it’s a market for the wise and methodical.
Sales are down. Showings are as sparse as they were in the classically slow last week of December. Prices? Detached houses in the 416 in the beginning of June were up 9.4% from this time last year and at the final month’s tally up 5.3%. However, on the 5th of July prices in the 416 are slightly down. Volume is about 33 % down from last year. It’s too soon to say what the month will bring…but it’s looking like a backwards crab.
People ask. Will prices continue to fall as interest rates rise…as inflation grips us, as supply chains struggle? If I wait, will I get a better price? We are in a period of opportunity for the steady buyer who has finances in order. The Hare will be back in the race soon enough as immigration fulfills its estimates, and some covid exits return to the city. With less to choose from in listings it may be difficult to find what you are looking for-but good houses are coming to market and there will be opportunity.
How long will it take for prices to accelerate up? Who knows? However, they will. Toronto’s prices are still well below those of international cities, but what our country, province and city have to offer has been noted – worldwide and world-wise.
The steady Tortoise will have stayed the course and be on the finish line snug in a new shell before the frantic Hare has fully awoken.