Greater Toronto Area Real Estate Shows NO Sign of Slowing Down

I just reviewed the stats from the Toronto Real Estate Board ( TREB).  I’ll simplify things here for you. 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? My 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. I’ll keep my ear to the ground and keep you posted if I hear anything change! 

With the Bank of Canada holding all the interest rates at a very low rate with no sign of increases in the near future, it seems to this writer, Susan Macarz, Broker, Re/Max Ultimate Realty Inc., Brokerage, that it is the perfect time to buy a home in the City of Toronto or the surrounding area of the GTA.  Despite the doom and gloom of the economy of European countries and the USA, the most difficult part of Canadians wanting to own a home, whether it is a single family home or a condo, luxury property or income property, the number of available choices with low inventory of homes to look at, makes it very difficult to find that perfect home.

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