I want to keep you updated with the Toronto Real Estate Market and give you some interesting news. This will be my last report until January 1st 2011. It’s hard to believe the year is almost over! There have been many mixed messages and feelings out there recently and after reviewing the latest sales figures for the Toronto Real Estate Board, it’s pretty clear that:
THE TORONTO REAL ESTATE MARKET IS ONE OF THE HEALTHIEST ON THE PLANET!
In November 2010 there were 6,510 sales for the month! Although this is a bit lower than last year, these are very strong numbers. The number of homes for sale has dropped dramatically and we’re down to only 15,060 for sale right now. In the Toronto area as a whole, we currently have less than 2 ½ month’s supply of homes for sale. We are still in what experts would consider a “Seller’s Market”.
A question I get asked is often, “What do you think will happen next year?” In Canada and in Toronto specifically, we still have a very sound economy. We are not experiencing the difficulties they are in the U.S. and elsewhere in the world. If someone were to be looking for a safe place to invest in real estate, Toronto would come right at the top of the list of any city on the planet. My opinion is that our real estate market will remain very stable in 2011. It will be a great year for anyone to get into home ownership or make that move “up” or “down” as their lifestyles may cause.
The key to taking advantage of current market conditions is working with the right realtor. When you hear of anyone who may want to buy or sell, please contact me. I promise you that I will take care of them, do a great job and provide them with the best customer service. If you would like any more information, I’m here to help.