I want to keep you updated with the Toronto Real Estate Market. There have been many negative stories in the media recently about how the market is “slipping” or that “prices may start to tumble”. I’ll give you some interesting news that will take another week to be released to the media …. & because it isn’t doom and gloom, they likely won’t report it. After reviewing the latest sales figures for the Toronto Real Estate Board, I’m declaring that:
THE TORONTO REAL ESTATE MARKET IS STILL STRONG!
IT’S STILL A “SELLER’S MARKET”!
In the entire Toronto area as a whole, we currently have a 3 month’s supply of homes for sale. Experts would consider this a “seller’s market”! The vast majority of individual districts in the Toronto Real Estate Board are still experiencing a seller’s market. There are a few that are in what could be described as a “balanced market”. There are only a small handful of outlying rural areas that are experiencing a “buyers market”.
In September 2010 there were 6,307 sales for the month! The number of homes for sale IS STAYING LOW at 19,384. Most people (including myself), were predicting a sharp increase in new listings. It hasn’t happened (yet?).
The great news is that sellers can still expect to get their homes sold at good prices if they price the home correctly. Also encouraging is that in most cases, buyers do have more choices this year. So in contrast to what you may be seeing in the news, Toronto is still holding strong!