Toronto Real Estate and Morningside Heights, Markham Boxgrove Housing Updates Jas Jagpal: November- Toronto Real Estate Report- Looking Good

Depending on who you ask... you will get different responses. Some will see the cup half full while others half empty. I try to look at the entire puzzle and not just the lone pieces. Our current real estate market is slower than last year. That is obvious with the number of houses sold at 6681 from 8476 last year.

If that is all someone tells you, you'd think that we're in a bad real estate market. But there is more to this puzzle. Average price is up 5% to $443,729 from last year's $423,559. So how does that occur? Are we in a bad market or what?

Puzzle gets even more complicated with year-to-date sales of 75,582 up 1%. How could this happen when there are nearly 1800 fewer homes sold in October this year?

What about the affordability factor? In fact it is quite good. Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis says " A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home".

Now that sounds like good news for 1st-time buyers!

He further states "The outlook for mortgage rates and income growth over the next year is favorable. The average home selling price could increase moderately next year and remain affordable for the average GTA household".

That's good news for all home owners. You want interest rates to be stable.

What are these Buyers going to be buy in the upcoming months? Many will be buying Condos as they are still the most affordable. So those who are investing in Condos with me will have Buyers looking to purchase their properties.

What we currently are now in is a stable market... that is not increasing wildly like it did during the first half of the year. The plus side is we have low, stable interest rates. All this should be music to the ears of 1st-time home buyers, move-up buyers, and those who are looking to down-size and invest.

Finally I hope to see Mayor Ford remove the Toronto Land Transfer Tax which will really be beneficial to people buying and selling houses.

So what do you think is the most crucial important thing to keep this current market strong?

Jas Jagpal, Sales Representative

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