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BUYER’S REVENGE!

Carl Laudan, REALTOR®, EXP Ossington Office Manager

I see some of the buyers out there as vultures circling above a wounded animal, waiting for it to collapse before eating. Some others are lobbing ridiculous low-ball offers that have virtually no chance of succeeding in a purchase attempt, the buyers just enjoying the schadenfreude of imagining sellers’ dismay—not even really caring if they end up in a contract. In some ways Toronto’s real estate scene is a bit of a blood sport at the best of times, but it can be very rough out there at the moment.

Emotions can run high, and conflict happens. So, I’m being very careful when I’m taking on clients. If the client wants to shoot low-balls unseriously? Nope. If the client wants to get into a deal with a long close to try flipping the contract at a profit, but has no interest in actually closing on it and wants me to craft an offer that allows them an escape from the contract if it doesn’t work out at the last minute? Nope. In fact, I don’t have many active clients right now because I’m unwilling to be a nuisance to my fellow agents, or spend my time on abusing the trust of anyone even if that person is not my client. We have the Duty of Care even for non-clients. We are not allowed to lie.

Inflation is making borrowing costs increase, and most major borrowing has to do with buying a home for most people. So now the feeling on the street is that the market has become a “buyers market”. It’s really not, but it’s certainly not as much of a seller's market as it normally is. It’s a more difficult market to work in as an agent, but those of us who have been working in it for a long time are sanguine about it. We’ve been here before and we’ll be here again. We will also see Toronto ‘normalize’ to a sellers market again because unless the rest of the World starts improving instead of becoming more dangerous and terrifying, Toronto will be a safe harbour for virtually anyone in comparison.

Look, none of us have crystal balls—at least crystal balls that work. But I think it’s much more important to be asking the right question rather than to have cosy answers. So to the buyers or potential buyers out there that might be waiting at the sidelines just wondering when they should come back to market? Know this: the sellers market will return, the question you have to ask yourself is: Will you own property once it does, or will you still be waiting to make your move?

If you’re an honest person and you’re actually looking to buy and/or sell in this market, please call me. I’m literally waiting for your call.


Sincerely, Carl


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