In the Greater Toronto Area- Housing Market is looking good.
A brief summary for October 2009 compared to October 2008.
Median Price: $357K from $312K a year ago.
Sales: 8,476 from 5,152 Oct. 08.
New Listings: 11,535 from 14,530 Oct.08
Active Listings: 14,771 from 27,277 Oct.08
Avg Day on Market to sell: 26 days from 37 Oct. 08
As you can see the inventory of homes on the market is almost half of what it was last year. Fewer new listings. Which all points to continued pressures on the Market to price increases. This is remarkable compared to the first few months of this year Jan- March 2009 when we were in a Buyers market. Unfortunately Buyers were low balling offers and Sellers were holding off and it paid off for them.
What is being forecasted for 2010? Prices to go up. Interest rates to go up. Inventory to climb as well as Sellers take advantage of this Hot Selling Market. The unknown is what will happen after the HST comes into force for next year and how much if anything the US Market recovers over the next 2 quarters.
My recommendation. If you are upgrading to a bigger home. Do It before HST and Interest rates go up. If you are a first time Buyer. Buy now, as pressure will continue to mount for prices to increase and for interest rates to go up. So lock in for the longest term you can for stability.
If you are Selling - To get top dollars... thousands more in your pocket... simply stage your property. Only do repairs that will add significant value. You don't want to spend crazily as if you are going to live in the home.
If you have any questions... contact me at firstname.lastname@example.org or call 647-272-6629