The spring season may be the busiest time of year in the real estate industry, but the consensus in the Greater Toronto Area that this year’s expected frenzy simply didn’t materialize.
In fact, it was downright underwhelming.
However, according to Tribe Financial Managing Partner Frances Hinojosa, while spring was fruitful for her team, it’s about to get better for everyone.
“We’re noticing a lot of first-time homebuyers now are coming out of the woodwork,” she said. “They’re realizing that despite the negativity out there in the media, there are still opportunities for them to purchase. We’re getting a lot of inquiries from first-time buyers exploring their options.”
Moreover, says Hinojosa—a 25-year veteran of the mortgage industry—she’s seen similarly staid markets before and recognizes the pattern.
“Talking with our referral partners—real estate agents and other spheres of influence—there is no shortage of people out there, and we’ll see a busy second half of the year. I think consumers have gotten used to the rule changes, and I feel as though, talking with our centres of influence, they don’t have a shortage of buyers. They only have shortage of inventory. I’ve seen this market before in my 25 years and I’ve seen the pendulum swing back, in terms of buying and selling.
“Overall, for the spring market, or any market, it has shifted based on the data out there, but there are still opportunities. I’ve been doing this for well over 25 years; it doesn’t matter whether there are stormy clouds ahead. You have to think about where the opportunities are. Shift your mindset and find the opportunities on the horizon.”
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