We just reviewed the stats from the Toronto Real Estate Board. TREB reported that in August, there were 7,542 sales for the month. August 2010 there were 6,083 sales so we have experienced an approx 20% INCREASE in the number of sales compared to last year.
At the end of August there were only 17,248 homes for sale on the Toronto Real Estate Board, compared to 18,823 at the end of August 2010. That represents about an 8% drop! To put these numbers in “English”, we’re not getting enough new listings coming on to keep up with the number of sales that are happening. We are still in a very active market.
So the question remains....what will happen to the market? Our prediction remains the same. The market will continue to be very strong until at least the end of the year and well into 2012. There should still be price increases but a slower rates than we’ve experienced over the past 2 years. Inventory levels will likely increase slightly, however in most areas and price ranges, conditions will stay favouring Sellers.
Despite some troubling financial news we are hearing about what’s happening in the U.S. and Europe, in Canada and our area in particular, all indicators seem to point us out to be in pretty good shape. We’ll keep my ear to the ground and keep you posted if we hear anything change!
Whether selling OR buying, 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 us at any time. We promise you that we will take care of them, do a great job and provide them with the best customer service. If you would like any more information, we're always here to help.