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November Real Estate Market report, what it means

Updated Wednesday, December 4, 2013  ::  Views (1058)

 The November Real Estate Market report: Glenn Cunningham, Broker  Master-ASA

“TORONTO, December 4, 2013 – Greater Toronto Area REALTORS® reported 6,391 residential sales through the Toronto MLS system in November, representing a 13.9 per cent increase over the sales result for November 2012.  Over the same period, new listings on Toronto MLS were down by 4.4 per cent and month-end active listings were down by 12.1 per cent.”  From the Toronto Real Estate Board.

Wow, this makes for some interesting speculation on what is really going on in the real estate market. A couple of things that are of interest. Earlier this year the annual number of sales had decreased, while the average price of homes had increased. That during a time when there has been talk of increases to interest rates and a tightening of credit criteria.  Now look what is happening, the number of sales are up substantially for November and the listing are down. Could it be the right time to list your home? Especially for someone who is not planning to purchase or moving to a less expensive market, such as Wasaga Beach or better yet Owen Sound.  If this is your intention, call us, we have the contacts and the information to give a great comparison of where you might want to downsize to.

There has always been a question of when is the right time to sell? Do I buy first or Sell first? We are working now with a number of people who are in the downsizing mode. Is this a good time? Well if you want my advice, I would say yes. This is all provided that the move is for all the right reasons, no point in moving without a plan.  We help with that. What about for someone who has given some serious thoughts to a Condo? Condo prices according to the Toronto Real Estate Boards report are a little less aggressive than detached homes, so that makes sense. We have just produced a comparison for condo’s in the Brampton market place. It gives us some great insight into where to get what, and at what cost? If you would like a copy simply email us and we will be happy to send you a copy at no cost and no obligation.

Quoted from the TREB market report:

“With National Housing Day having just passed, housing affordability is top of mind in the GTA and indeed nationally.  Despite strong price growth and an uptick in borrowing costs this year, monthly mortgage payments on the average priced home remain affordable for a household earning the average GTA income,” continued Ms. Usher. (President of the Toronto Real Estate Board)

What does that mean, well it means that still with Toronto’s family income the family still has the money to afford to buy.  Is this true?  It is a question that may only be answered for each person’s individual circumstances. When you are thinking, and before you start looking contact us to have one of the best mortgage experts make sure you have ALL the vital information. Don’t be fooled by computer programs and “off the cuff” guessing. Professional Mortgage Experts must have concrete information in order to give the right advice.

If you have any questions regarding the reports or what a complete report or any available graphs and data call me.

Glenn 

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