Friday Jul 05th, 2019Share
Another good month for sales in Toronto, as Toronto Real Estate Board members sold 6,8379 homes, 8.5% more than last August with the average price also being up 4.7% over the same month last year.
With only 21/2 months of homes in inventory in Toronto, by definition, it would appear to be a sellers’ market. It is in many areas, with well-priced homes selling quickly. In other areas, with inventory being at 5-7 months, it’s a buyers’ market.
Today with free access to information, consumers are more aware of market value than ever before. Homes offered for more than 5% over market value are not getting showings or offers. The proof of it is that so far in 2018, homes sold for 98% of listed price in 21 days.
I expect activity to pick up a little as we enter the Fall market, with prices staying relatively stable. A stable market is the best market to buy and sell in!
No one knows for sure what next year will bring, but I expect house prices to increase. The economy continues to be great, low interest rates, high desire for home ownership exists and more immigration into Canada continues.
If you are considering buying or know someone who is, give me a call. Let me put my experience to work for you. I know the good areas, property values, investment opportunities and will help you stickhandle the process to protect your interests.
Give me a call, let’s chat.
Have a great month,
Your Friend in Real Estate.
PS. I am never too busy for your referrals!