March 11 - With the pandemic very much with us, we all thought that the Real Estate market would come to a halt, boy, were we wrong! For the better part of a year, beginning in March of last year, the market has been on a rampage. My own experience has been multi offers on all types of residential dwellings. This has been true across the GTA and has proliferated throughout Ontario. It doesn't matter if you are in Willowdale, Richmond Hill, Mississauga, Kitchener/Waterloo, or Thorold, all have offer presentations designed to net multiple offers.
So, can the market sustain itself? we don't know, nobody can offer a definitive answer. We all have our theories but truly we cannot say for sure either way. Economists have offered a variety of scenarios, from continued price escalation to a market correction. In my opinion, the current (very) low-interest rate is one of the key if not the main contributor to the price rise. At some point, once we are past the pandemic and as the economy revs up again, I imagine there will be a rise in inflation which will require Government intervention in the form of an interest rate hike.
So is this the right time to sell. I definitely believe it is.