Opportunities in 2005

With all the negativity in the markets in the news and social media, it is hard to believe that there are opportunities in the housing market. Opportunities are abundant and by working with a professional Real Estate Agent, they will be able to show you the opportunities.

Opportunity #1

The first opportunity is the condo market. The recent slump in the condo market has presented a buying opportunity for those who are willing to wait out the condo market slump. This is especially true in Toronto where there is a glut of condos on the market. If you are a first-time home buyer, condos are a great entry point to get into the housing market. There are a lot of condos sitting on the market for a historically long time and many have gone through several price decreases. This will give the first-time home buyer a distinct advantage when negotiating the price. Think about what happened in 2008. The 2008 housing crisis represented an awesome buying opportunity. When buyers waited for the markets to come back, they missed a great opportunity to buy homes at lower prices. Those who ignored the bad press, benefited greatly when the markets recovered.

Opportunity #2

Upsizing from the condo markets. For people who have experienced significant price appreciation of their condos, it might be an opportunity to move into a bigger home such as freehold townhouse or perhaps a detached. There are some properties that have experienced price depreciation and are taking longer to sell. This will give buyers an opportunity to strategize an offer that best meets the needs of the buyer and seller. In addition, some sellers may have to sell their home and downsized into a smaller home.  

Opportunity #3

Downsizers. These are seniors who literally grew up and raised their families in their homes. Now their children have moved out and the house is just too big for them. Also, the obligations of taking care of the home have proven too much for them so downsizing is a viable option. Since most seniors downsize to condos or townhomes, an opportunity to buy these units at lower prices presents a practical option.  

Opportunity #4

Office complexes. With a significant glut of office space, there is an opportunity for people to move into an office space at favorable rates. Office spaces can be very expensive, but with the past pandemic, people are opting to work at home, leaving thousands of square feet of office space available. If you are a business owner looking for office space to buy or lease, now is a great opportunity.

These opportunities are just examples of what can arise in any markets. Markets change, for the good or the bad. Nevertheless, we should never focus on the negative. Back in 2008 nobody wanted to invest in real estate in Las Vegas, a city that got hit hard by the 2008 financial crisis. Now look at Las Vegas today. The real estate market in Vegas has become expensive, even with the pullback in prices. Had people looked beyond the negative, and invested in Vegas, you will be a lot further ahead. Real Estate, either in Canada or the U.S., is a long-term investment. Plus, a sense of optimism does not hurt either.