THIS MARKET IS SIZZLING!!!! INVENTORY NUMBERS ARE VERY LOW!
So far in May 2011 there were already 4,812 sales for the month! At this rate we should hit approx. 10,000 total sales in TREB for May. We will meet or exceed the number we hit in May 2010.
Here’s where it gets really interesting. Currently there are only 18,430 homes for sale on the Toronto Real Estate Board, compared to 25,414 at the end of May 2010. That’s about a 35% drop! What does that mean? Well, in many areas it’s getting even more frustrating for buyers and prices are still climbing. Although there are many areas experiencing more normal conditions, some of the hottest areas in the Toronto area include The Beach, Bloor West Village, North Toronto and Milton.
The question I get asked most often is, “What do you think will happen this year?” We made it thru a federal election and the wheels didn’t fall off the economy. This market had been going straight up for over 10 years now. When will it stop? Doesn’t look like it will be this year! There are 3 main conditions that will cause our market to remain strong while other areas seem to stagger.
1. Our inventory levels are very low and should remain low. We won’t have a huge influx of new listings or see anything close to other areas around the world as far as “distressed properties” coming on the market. Buyers won’t be able to sit back to pick and choose.
2. Mortgage interest rates are very low and should remain low for quite some time. Although we may see marginal increases over the next while, home ownership will remain very affordable.
3. Our economy is very strong and seems to be improving. Canada is a shining star in the world economy.
Please feel free to share this information with your clients and friends. We all know that an educated consumer is our best customer.
What are your plans this weekend? Camping, BBQ/Cookout, house cleaning or just lazing around the house.
Whatever your plan, if you are a in Canada, you will have an extra day. Victoria Day or May 2-4 weekend is this coming weekend. This weekend to me is the official start of summer. Time to take the Christmas lights down! :) ....
This weekend I plan on taking it easy. I have two open houses scheduled that I am really looking forward to.
I normally like to either go to a cottage or camping. In terms of working on Victoria Day, I find that if the weather is nice, people like to go out and look at houses so it could be a busy work weekend for me as well. I hope so, I love what I do.
I think the drive-in would be a good thing to do on a long weekend like this. I will post some other suggestions for you later in the week of things going on in Mississauga, Brampton, Etobicoke and Toronto.
Until next time, have a good one!
Lisa Portolese, Sales Representative
Royal LePage Kingsbury Realty, Brokerage
30 Eglinton Avenue West, Suite 200
Mississauga, Ontario, Canada
Bus (905) 568-2121
Res (905) 238-3434
Cel (416) 953-9714
LisaMovesYouNow@Rogers.com
http://www.lisamovesyounow.com/ (new website being updated this week)
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