May 2021 GTA real estate review
We sit down to talk with Jack Cherry, a Toronto real estate agent with Sage Real Estate to talk about the May 2021 GTA real estate market.
We discuss what’s going on in the market in Toronto. Join us for the full discussion below:
Jack Cherry’s contact info:
Tel: 416.729.0501
Email: jackcherry5@gmail.com
Don’t feel like watching? Find the full transcript below!
Chris: [00:00:00] This is Chris Molder here, and I’m joined by Jack Cherry, local realtor on the beach in Toronto with Sage Real Estate. Jack is a, we have a second generation relationship, don’t we? Because our fathers already worked together a generation ago in this business. And here we are, the sons of brokers. So still working. Jack, thank you so much for joining us today.
Jack: [00:00:26] Thanks for having me. Always a pleasure to be on with you, Chris.
What do the new TRREB numbers tell us?
Chris: [00:00:28] So Jack is joining us today to talk about the newly released Toronto Real Estate Board numbers for the month of May. Statistics have come out. I think the statistics are interesting, but I think, Jack, I’d like to ask you more about what you’re seeing at ground level. So if you’re buying, if you’re selling, what are you seeing right now? What is the experience and what are those numbers saying about what buyers and sellers can expect?
Buyers are becoming more selective
Jack: [00:00:58] Good homes in good areas where we’re still seeing lots of competition. You are usually seeing anywhere from 3 to 10 offers. And what I’ve experienced recently with some of my buyers that are again looking in good neighborhoods with budgets is being a little bit more picky because some of these homes aren’t selling. And oftentimes what happens is a seller gets a price in mind based on their realtor. And then when the offer date comes and even if they get a few offers, if they don’t get right into that range that they were really hoping for because things were just going absolutely crazy, then they are kind of relisting at that price and seeing if they can get there. What that’s also done to buyers is they’re saying, OK, not everything is selling in multiple offers or selling on their offer night. And you’re just seeing buyers being a little bit more picky, I found, in the last month or so.
Jack: [00:02:07] We’re also finding with this weather hitting and it being so nice out, I found that there’s a few buyers that have shifted focus. They’re not, they’re not going crazy. Like when I say crazy, like we’re out looking every single night. Essentially, they’re picking and choosing and going to see the homes that really, really fit in their criteria and that really strike interest in them. So, you know, it’s interesting.
Power for the buyer: Transitioning from a complete seller’s market
Chris: [00:02:40] Yeah. So Jack, if I’m hearing you correctly, it sounds like some of the power – because it was obviously I mean, for years now, but especially earlier this year, it was obviously a seller’s market, list and price would be driven up on offer and multiple offers and all the power rested with the seller. So all these anecdotal things that you’re talking about, so buyers being a little bit pickier, buyers being less aggressive, coming to the table a little less, means that perhaps some of the power is shifting back to favour buyers. Is that what I’m hearing from you?
Jack: [00:03:19] A little bit. I would still say, as I said, really good homes. You’re still having to compete and they’re still being identified as really good homes. I’ll be able to find buyers are paying for a finished product. So there are opportunities if you’re willing to get a place that needs a little work and when you close, you put a little money into it. But, yeah, I, I would say that there’s a little bit more power to the buyer than we’ve seen since the beginning of the year.
Fewer listings as prices continue to rise
Chris: [00:03:56] Right. Very good. And so what, what does that mean in terms of prices? Are prices still being driven up as aggressively as we saw earlier this year? I mean, there were huge jumps in the early statistics from this year. What is being seen in the month of May yet?
Jack: [00:04:15] No, we’re still seeing the average prices going up. That’s right. Shows that the buyers are out there and putting in good offers. There’s been less new listings hit in May than there was, for instance, in April. And I think that has something to do with the weather as well. But we are still seeing the average price move up and trend upwards.
Jack: [00:04:51] And we’re in very strong months right now. Traditionally this is the prime market, right after March break is typically where we see the market get its strongest and this summer because of living in a winter climate, people want to enjoy the summer. So you usually have that window where people are going crazy and they either try and get into something in the summer, or if they don’t, then they enjoy the summer and then they stay. They reshift their focus come September.
The market varies with the neighbourhood
Chris: [00:05:26] Thank you so much for your time today and sharing your experience and what you’re seeing in the market. Always valuable insight. If anybody would like to get in touch with you and discuss their home sale or purchase, how should they do that?
Jack: [00:05:42] Best way to email me at JackCherry5@gmail.com. Be happy to answer your questions, because what Chris and I talk about is usually it’s a general market thing. But what’s interesting is when you start looking at micro markets, because what could be going on on Bay Street condos is different than beach homes and townhomes over in Liberty Village. So it’s really important that you take some of these statistics. You know, it’s good to take it all in. But then it’s also good to reach out to a realtor to find out really what’s going on in the districts that you’re looking at purchasing or selling in, because that could tell a whole different story than what we’re talking about right now.
Chris: [00:06:31] Absolutely. Yeah. And that’s the real value of a realtor. And for anybody who’s watching, Jack knows this stuff by neighbourhood. I get his emails and we’ve had many great discussions over the years. Jack, thanks again so much. And we’ll catch you next time.
Jack: [00:06:51] Ok, sounds good. Thanks, Chris. See you next time.
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