I want to keep you updated with the Greater Toronto Area Real Estate Market. After reviewing the latest sales figures from the Toronto Real Estate Board, it looks like:

THIS MARKET IS SISSLING!!!! INVENTORY NUMBERS ARE VERY LOW!

So far in May 2011 there were already 4,812 sales for the month! At this rate we should hit approx. 10,000 total sales for May. We will meet or exceed the number we hit in May 2010.

Here’s where it gets really interesting. Currently there are only 18,430 homes for sale on the Toronto Real Estate Board, compared to 25,414 at the end of May 2010. That’s about a 35% drop! What does that mean? Well, in many areas it’s getting even more frustrating for buyers and prices are still climbing.

The question I get asked most often is, “What do you think will happen this year?” We made it through a federal election and the wheels didn’t fall off the economy. This market had been going straight up for over 10 years now. When will it stop? Doesn’t look like it will be this year! There are 3 main conditions that will cause our market to remain strong while other areas seem to stagger.

  1. Our inventory levels are very low and should remain low. We won’t have a huge influx of new listings or see anything close to other areas around the world as far as “distressed properties” coming on the market. Buyers won’t be able to sit back to pick and choose.
  2. Mortgage interest rates are very low and should remain low for quite some time. Although we may see marginal increases over the next while, home ownership will remain very affordable.
  3. Our economy is very strong and seems to be improving. Canada is a shining star in the world economy. 

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 at the office. 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.

Claire