A couple of weeks ago, I wrote that the Toronto Real Estate Board reported the BEST JUNE ON RECORD in terms of sales. The Toronto Real Estate Board has just released a Press Release with the numbers for the first 2 weeks of July – and we GTA REALTORS(R) are on course for reporting the BEST JULY ON RECORD, too.
TREB reported 4,437 sales in the first two weeks of July, up 27% compared to the first two weeks of July 2008. Further, the average price was up $394,750 – a 4% increase from the previous year.
Home buyers are continuing to take advantage of the relatively low cost of borrowing, and are entering the housing market in a big way, despite slowdown in other areas of the economy.
How does this affect you? The numbers indicate that we are back into a strong sellers market, a stark contrast to just 90-120 days ago, when we were in a strong buyers market. If you have though about selling, now is a great time as there are qualified buyers waiting for your home to come on the market. If you are a buyer, you may need to be patient and make quick decisions when you find that perfect home.
I can’t wait to see the final July 2009 numbers – be sure to check back in two weeks to find out how it all plays out!
Roy Bhandari
Sales Representative with Signature Service GMAC Real Estate
www.amitandroy.com
