As we have mentioned many times over the past few weeks, there is a shift in the real estate market that can be observed by both fluctuations in sales and the development of new residential properties. Buyers in Toronto are highly optimistic and developers are pushing towards the growth of real estate.
However, one market that seems to be taking its time is the high-end home sector. In one example, mentioned in the article, a home was sold after a full year by the same buyers who came to see it a year earlier. The simple fact is that sellers are not motivated to sell or offer deals and the buyers are willing to take their time and search for a property that suits their needs.
There are many buyers for high-end homes, but they are not willing to drop money on properties quickly. Buyers have an appreciation for certain high-end neighbourhoods but prefer to weight the value of their home before committing.
Source: The Globe and Mail