|
***Another aritcle about today's market***
They say the real estate market is slow. Here are the facts…You be the
Judge!
6,896 homes sold in October 2012 vs. 7,425 in October 2011.
76,587 homes sold YTD as of October 2012 vs. 77,603 as of October 30 2011.
The average home price as of October 30, 2012,is $499,350 vs. $465,014 in
December 2011.
However, while we believe the real estate market is healthy and strong and
that prices will continue to increase, we do advise caution. What does that
mean? Primarily this is not a time to speculate or gamble on the market. Do
not buy or sell today assuming that you will buy or sell next year because
prices will have gone up or down. Within a six month period, no one knows
prices, activity level, interest rate changes or economic factors and all
of those affect real estate demand and prices.
This is a great time to buy real estate, provided you have a 5 year
timeframe, meaning you do not have to sell for 5 years. It's a great time
to sell your home, and buy a replacement home. There is no gamble if you
are buying and selling in the same market!
It's a great time to buy as there are more homes for sale, fewer buyers in
the market (November, December, January are the slowest months for house
sales in Toronto) and interest rates continue to be very low which means
homes are affordable for many buyers.
Sometimes one must be a Contrarian, go against the trend. Today's trend,
fueled by negative media is insecurity about the real estate market -
“wait, as no one knows what will happen”.
Here is what I know:
1975 average Toronto home price $57,581.
1985 average Toronto home price $109,094.
1995 average Toronto home price $203,028.
2005 average Toronto home price $335,907.
2011 average Toronto home price $499,350. |
|