Well, it didn’t take too long for a few warm days and melting snow to get the Toronto real estate market heated up! I just reviewed our appointment numbers (the number of appointments we book on our listings) and in the last 2 weeks they increased 53.6% (from 2471 to 3796) on our 756 listed properties. Sunday alone the number of appointments went up from 194 two weeks ago to 453 this past Sunday, an increase of 133.5%! These numbers alone tell you what is happening with the real estate market.
The media is really trying to create news by fear mongering that the Toronto real estate market is slipping, since it is down from last year’s record number of sales. I will give you the facts, you decide for yourself the status of the market. First, the number of homes sold is down from last year, the best year in real estate history. (Not only have we had severe winter weather, but it’s impossible that every year will be better than the year before). Second, the number of homes listed for sale is way down from previous years due to the weather. (When the market slows down, the number of homes for sale increases as people need to sell) Third, prices in Toronto have increased to $379,006, up over last year’s average price of $376,236. While not a huge increase it is an increase, an indication of the strength of the market.
Without a doubt, the Toronto market is about to explode! Now more than ever your friends and relatives need a knowledgeable agent to guide them through the challenges of buying a home. Did you know the government has special tax incentives for first time homebuyers?
The process of buying a home is certainly more complicated than it has ever been. Give me a call; I’ll take extra special care of the people you refer to me.
After all, you do have a friend in real estate!
Have a great April…. Don’t get burnt enjoying the sun!
Your Friend in Real Estate.