This week JSC spoke with one of Caledon’s best known names in real estate, long-time agent Maureen Bruce, to get a feel for current market conditions.
(JS) What is the real estate market like now compared to 2020?
(MB) The Caledon real estate market has remained active throughout 2021, with a record number of sales at record high prices. Each neighbourhood attracts a certain buyer – it could be proximity to schools, parks, walking trails and shopping, or a condominium or estate community — so it is a good idea to have a chat with your realtor to keep informed about your area.
(JS) What type of home seems to be moving best at the moment?
(MB) I have noticed that Caledon homes with pools are in demand and sell in just a few days.
(JS) Do prices seem to be stabilizing yet?
(MB) I am sure you want me to say yes, but I will say sort of. Realtors usually can determine a price range in which a property will sell using a Comparative Market Analysis. However, if a buyer has a large budget then price goes out the window if he finds his ideal home. In these cases I sometimes see $300k paid over asking price for a subdivision home that started with a comparable listing price.
(JS) Does the tendency to move out of the 416 into the 905’s still seem prevalent?
(MB) Yes, but other areas as well. In the past the 90 minute commute to work each day was a hassle, now most buyers will consider the long drive or train ride once a week and work online from home the rest of the time. I know one buyer who moved to his cottage and was three hours from work, but rented a room one or two nights a week. The benefits of a cottage lifestyle appealed to him and his family, also one less property to maintain.
(JS) What seems to be the most important aspect for Buyers right now?
(MB) Lifestyle. People are looking for a change from what they presently have. Families are willing to increase their financing for a home that has more finished space, interior upgrades and a pool, as they don’t have the time or motivation to do the work or live through the renovation, inconvenience and mess. Seniors are considering moving to a smaller home or condo and perhaps a gated seniors’ lifestyle community and are cashing in on their property investment.
(MB) There will always be buyers who only want to buy new construction and will be comfortable buying from online floor plans/site offices and wait perhaps a year for the home to be built. Realtors welcome the new home developments as there will always be buyers for resales who need to see what they are buying, where the house sits on the lot, how long the driveway is, how the sunlight comes inside, and have landscaping and fencing already in place.
(JS) Do you foresee any upcoming change in mortgage rates?
(MB) The Bank of Canada stated that their interest rate will remain stable for the remainder of 2021. Some lenders approve you at a few percentage points above the posted rates and this makes a large difference in the amount you can borrow. If you require financing in the next three to six months, I recommend calling your mortgage broker today to discuss options.
(JS) Do you anticipate a strong autumn market?
(MB) People have been buying in Caledon on quite a steady basis for the past year and I believe it will continue for a while. Is there a seasonal market anymore? In the past the Spring market would start just after March break and continue to the end of June; the Summer market would be slow with low sales/listings and you would see increased activity after Labour Day with the start of the Fall market. None of that happened in Caledon this year.
(JS) Do you have any advice you would like to pass along to Sellers or Buyers?
(MB) If you have been considering making a move, contact a realtor who has been recommended to you. Talk face-to-face about what you want and need, and above all discuss a timeline. After this consultation you will feel motivated. Whether buying or selling, take the step with an experienced realtor to guide you along the road of life.