Don’t believe everything in the media. Don’t get the wrong news about real estate home prices in Toronto as of November 2008! It’s time to check the real numbers.
For November 2008, the Toronto Real Estate Board monthly statistics report stated that there were 3,640 sales in November 2008 and that the average monthly sales price across the GTA was $368,582.
So what does this mean? Sales are down by 50% from the level of activity at this time last year. Prices are down 6.4% from a year ago, but wait, prices are actually up 4.4% from the $352,974 average of the month prior! Wow! Who is reporting on the rising home prices in the GTA?
Now is a great time to be a home buyer in Toronto. Given the reduced number of sales right now, there are some great opportunities for buyers. It is not a good time to be a seller hoping to maximize the value of their home. Sellers are not seeing a lot of showings happening on their homes and they are not seeing many offers or multiple offers. The only people selling their homes right now are pretty motivated home sellers. They wouldn’t be selling if they didn’t need to be. Thus, sellers are happy to see any offer that comes their way and are going to find a way to make an offer successful.
Now is the time for action if you have the ability to buy, without selling first. perhaps you are renting and wondering when to buy into real estate. Perhaps you are an investor that owns and rents out properties. Now is the time to be taking advantage of the market opportunity. Not six months to a year from now, right now!