It has been another good month for sales in Toronto, as Toronto Real Estate Board members sold 6,8379 homes, 8.5% more than last August with the average price also being up 4.7% over the same month last year.
With only 2.5 months of homes in inventory in Toronto, by definition, it would appear to be a sellers’ market. It is in many areas, with well-priced homes selling quickly. In other areas, with inventory being at 5-7 months, it’s a buyers’ market.
Today with free access to information, consumers are more aware of market value than ever before. Homes offered for more than 5% over market value are not getting showings or offers. The proof of it is that so far in 2018, homes sold for 98% of listed price in 21 days.
I expect activity to pick up a little as we enter the Fall market, with prices staying relatively stable. A stable market is the best market to buy and sell in!
No one knows for sure what next year will bring, but I expect house prices to increase. The economy continues to be great, low interest rates, and a high desire for home ownership exists plus more immigration into Canada continues.
If you are considering making a move or know someone who is, give me a call. Put me to work for you! I know the good areas, property values, investment opportunities and will help you stickhandle the process to protect your interests.
Have a great September!
Your Friend in Real Estate,
Suzana ( Sue ) Davies
Sales Representative ®
Bosley Real Estate Brokerage Ltd.,
A referral is the biggest compliment a client can give. If you know of anyone looking to buy or sell, know that I pledge to provide your friends and family with the highest level of service and advice.
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