October saw another exceptional month in real estate! It remains an excellent time to be a seller of a home, and with care, a buyer in the current market.
Most notably homes are selling rapidly, often with multiple offers. If the price is right, it will sell, almost without regard to the condition of the home. This is now a classic seller’s market. There is a lack of enough good homes on the market along with an over-abundance of buyers.
For the month of October 2009 there were 8,476 home transactions across the Toronto GTA as reported by the Toronto Real Estate Board. The average price jumped ahead a further 4% from last month to $423,559 – which puts us 20% of where the market was a year ago. The Toronto market has risen 6.4% above the pre-crash high of May 2008. So this is now a new-high for Toronto home prices.
If you would like a more detailed statistical review of the current market or to see what this means for your personal situation, let me know. I’m here to help!
Contact me for all your real estate needs…
Ralph Evans, Sales Representative 416 236-1241
RE/MAX Professionals Inc., Brokerage