Real estate sales in the Toronto market has been anything but predictable and have thrown most agents and home owners for a loop this spring. A number of things have taken place that have contributed to the market shift. Recent government policies as many of you know always can have a huge impact on real estate sales and for the Toronto area it has. A late spring has kept buyers at home sheltering from the cold and less inclined to venture into the market, with sellers reluctant to go to market. Another predictor however that is gaining momentum and many people have not stopped to consider is the impact of immigration on the real estate market.
For the last 15 - 20 years 60% of immigration into Canada has been derived from Asia and the two dominating countries that continue to have the largest growing influence on the sale of real estate in prevalent Canadian neighbourhoods are people immigrating from China and India.
There are many cultural do's and don'ts that can influence the sale of your home when appealling to another cultural demographic. This is where it would be beneficial to check out a previous blog I wrote on How to Choose Colour When Staging For the Toronto Market. It is worth reviewing. In this article I provided a link on the different cultures and what certain colours mean to them. This information becomes increasing relevant when I recently speak with many agents who find they didn't antiicipate what would be the driving demands these two cultural groups can have and agents and home owners were surprised to find the success of their sale became dependant on the cultural influences and perceptions of another country.
What has always been considered architecturally desirable in Canada may not be to a buyer from another culture, this is when it becomes increasingly important to know your target market.