With summer here, the Toronto condo resale market is slowly shifting towards balance after several years of favouring sellers. There will be a 22 per cent increase in inventory, over last summer. Buyers seem to have more selection, be able to take more time to make decisions, and have a little more room for negotiation. This time last year, buyers had to make quick decisions and often had to pay over asking price.
This seems to be frustrating for sellers, that their units are staying on the market a little longer, and not commanding the bidding wars that were seen so frequently in 2007.
In my opinion this is a better situation for both sides, as the seller will have more time to find their next home, once theirs sells, and the buyer doesn't feel pressured or ripped off. This can be a very dissatisfying experience for a first time buyer, when it should be an enjoyable one.
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