The Greater Toronto Area Real Estate Market Continues to be a Safe Haven!

I just reviewed the stats from the Toronto Real Estate Board. TREB reported that in October, there were 7,642 sales for the month. October 2010 there were 6,504 sales so we have experienced an approx 17% INCREASE in the number of sales compared to last year.

At the end of October there were only 17,794 homes for sale on the Toronto Real Estate Board, compared to 18,305 at the end of October 2010. So inventory is shrinking slightly and the sales are picking up year over year. Buyers continue to have limited choices in many areas of the GTA requiring them to act quickly when they see something they like. What we traditionally see is that many people delay their decision to list their homes over the next 2 months which will cause the inventory to decrease even further. Between now and the end of the year will be a VERY good time for new Sellers to come on the market as competition will decrease and there will still be a back-log of Buyers out there looking for a home.

So the question I always get is  …. “What will happen to the market?” My answer: Much more of the same. The market will continue to be very strong well into 2012. Prices should remain stable. Inventory levels will likely increase in the new year, however in most areas and price ranges, conditions will still favour Sellers.

The global economy continues to be real concern and we’ll see some changes over the next few months. Even with this distraction, indicators seem to point to our economy not taking much of a hit and we’ll continue to be in pretty good shape. Our real estate market will continue to be a safe haven. I’ll keep an eye out on this for you.  And with the latest G20 summit in France, Prime Minister Harper has indicated that Canada will not help the European economy financially and I believe he indicated that Canada will not be heading into a recession. Good news for our Country, and for the Toronto Real Estate Market!  What actually happens remains to be seen.

If you have any questions about  The Toronto Real Estate Market Recap for October, 2011, please feel free to contact me,  by email: susan@susanmacarz.com