The media is telling us there is a quick cooling market. I really don’t see it. My intuition was confirmed when I was requested to attend and speak at a regional RE/MAX meeting. All the Broker/ Owners and Managers shared our findings relating to office sales stats for Toronto as well as consumer and Realtor concerns and issues. The consensus is that even though the sales are being reported down by 10% range, the main factors that affected the market were:
- The weather that we experienced this winter
- The amount of sales that occurred in November and December of 2007 that very well could have happened in this Spring. This rush to purchase in 2007 was to beat the unfair “Miller” Land Transfer tax.
After taking these two legitimate reasons into account, the results are that we’re on pace for a great 2008. Yes it’s true that we’re not at going to break 2007 records but we are definitely doing much better then what the media is reporting. Just a later start to the Spring Market. With rates destined to take a dive, the media could write about doom and gloom but I have a suspicion that within a week they will be discussing how healthy the Real Estate Market truly is. Let’s not forget that only bad news sells newspapers and that today’s news is tomorrow’s fish wrap.
RE/MAX Ultimate Realty Inc., Brokerage
Filed under: Toronto Market Watch Tagged: | Real Estate Statistics, Toronto Market Watch, Toronto Real Estate Update
Now is the time to look at the market. As Warren Buffet said, “Be greedy when others are fearful.” The Housing Bubble is not bursting everywhere. They certainly aren’t in Alabama Arizona, Southern California, Florida or Nevada. Pockets of growth are thriving in places that really don’t make the headlines too often. They are worth considering if you are relocating, investing or looking for a retirement haven or second home