What is the real estate market looking like in Strathmore now that it is the new year?
In an interview, realtor for CIR Reality, Kim Helfrich explained what buyers and sellers can expect.
"Renting right now is pretty much done. You can't get in anywhere and if you do find a place the cost is out of this world. What I have found with a lot of the rentals is that it is a seller's market right now. And the landlords, who are the owners have sold the house and therefore have terminated the contract with said renters. So, the renters are honestly pushed out, they've got to go find someplace else."
Helfrich explained that investors don't want to pay a bunch of money and they don't want to pay anything that requires a lot of work because they are just going to end up putting renters in these homes.
"Renters for the most part have a stigma. They're not going to love the house like they do if they own it. So, what we like to do is sit down with those renters say, listen if you're paying $2500 a month for rent, let's look what that money can get you to own your own property."
There are not a lot of homes on the market at the moment, Helfrich mentioned, however she says that people for the most part are getting really good money for the homes that they are buying.
"Ultimately people need to live somewhere, and people transfer. We're finding a lot of Ontario individuals; everyone has got to move. Things like inflation or the cold snap are not a factor as to if people are moving."
Helfrich says the market is getting more and more competitive.
"I was showing a house in September and there were 15 offers on this condo. We stood in line to show it and that's the problem. People are competing. They're getting into bidding wars that are becoming unrealistic because society as a whole wants to win."
According to Helfrich, 2024 is going to continue to be a really strong year for selling your home.
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