These days, I’m more likely to hear “We’re never moving” or “We’re looking for our forever house” instead of “This is our 3-5 year house and then we’ll move up to our dream house.”

It’s the answer I get when I ask my clients “How long do you plan to stay in this house?”. I always ask them this question because their answer helps me determine how important it is to find them a house that will be easy to resell in 3-5 years or how much weight to place on finding them a house they can grow into or add onto over time.

It used to be that most of my clients looked for starter homes that they’d live in for 3-5 years before moving to a larger home. But recently it seems that more and more of them are hoping to stay in their starter homes forever. This might be because starter homes are so much more expensive, because transaction costs are so high or because they just don’t want the hassle of moving again.

Whatever the reason, if people stay in their homes longer, there will be fewer single family homes for sale in central Toronto. This trend is already in evidence – just take a look at the increasing number of renovations you see as you drive through central Toronto. People love where they live and would rather renovate and add onto their current homes than move.

A decrease in supply will be good for those thinking of selling as it will most likely help to keep prices strong (assuming demand doesn’t falter). But chances are that this will make it even more difficult to buy your dream home in the coming years so if you’re in the market now, don’t delay. When you see a home you love, go for it!

As always, if you know of anyone who’s looking for an honest realtor who really knows his stuff and won’t pressure them, Please Don’t Keep Me a Secret. I really appreciate your referrals. Thanks for reading and don’t be shy if you have any questions or comments!