If there was any debate over if it is a seller’s or buyer’s market, Kate Whyte’s personal pleas should put that to rest. Even with a maximum budget of $1.1 million, Whyte soon found shrinking opportunities to find her family a home.
Real estate economist Fran Clayton explains, “with a growing population and many people’s desire for a house rather than a condo, there’s a mismatch in the marketplace now between supply and demand.”
“At wit’s end, Whyte, who works in the film industry, launched her own advertising campaign. ‘I was worried there wouldn’t be anything that came up in the market. So she posted a plea on Craigslist, stating, ‘Have lost out on multiple offers and there is no stock available. We are a family of three with cash in hand needing to buy.’ She created a flyer with the same message and asked anyone with a home to sell or even rent in her preferred area of North Vancouver to contact her.”
The numbers speak for themselves as the “typical price for a detached property in Vancouver hit $1,141,800 in July, jumping 16.2 percent compared to the previous year. In Toronto detached homes hovered just under $1 million, an increase of 13.3 per cent.”
Are you looking to buy in this seller’s market? What challenges have you had to face in the negotiation process? As an agent with strong negotiation skills and a keen knowledge of the GTA, I would be happy to help you discover your real estate investment options.