HAPPY NEW YEAR!
Another year has gone by and it is time to take stock of the Real Estate Market. 2010 started out as another record year for the Toronto Real Estate Board and by the end of June we posted a record six month period with 51,517 single family units sold. Unfortunately this activity level could not be sustained and the second half of the year was not as good. All in all 86,170 single family units were sold which made 2010 the 3rd best year for the Toronto Real Estate Board, behind 2007 with 93,193 units sold and 2009 with 87,308 units sold.
Average prices were up a whopping 9% so that if you bought an average price home in 2009 for $395,460 it would be worth $431,463 today. This once again proves the real estate remains a great investment.
What can we expect from 2011? A slight drop in the number of units sold with a modest increase in prices. The Real Estate Market will continue to be strong for the foreseeable future.
Are you thinking of moving in 2011? Get a jump on your competition and put your home on the market today. Yes, there may be fewer buyers around today than there will be in Spring but there is also a shortage of listings. If your home is well priced and shows well it may attract multiple offers.
I wanted to take this opportunity to wish you a happy, healthy and prosperous New Year and to remind you once again that I am never too busy to handle your Real Estate Referrals.
Your Friend in Real Estate.