If you are not in the market to buy... you are blissfully unaware of the madness and the head scratching that is going on in the Toronto Real Estate Market.
May 2011 sales were up by six percent to 10,046 from 9470 last year.
The average price has sky rocketed in May 2011 at $485,520 from May 2010 of $446,593 that is a whopping nine percent difference.
But what is causing the "PRICES" to keep "RISING"?
Why is this all happening?
It's simple... housing SUPPLY is down by a remarkable 15% - that is over 2000 fewer homes For Sale in the Greater Toronto market compared to last year at this time.
The past two to three months have been a Seller's Market... and expect it to continue unless supply rises drastically or interest rates increase rapidly!
I'm hoping people's "greed" :) will get them to list and this might also help to chill this feverish market. The last thing we need is a "market correction".
Most of this increases are in single-detached homes sold in Toronto.
If you are still scratching your head after reading this... but are looking to sell your house or condo, give me a call and we'll be happy to help you.
Jas Jagpal, BROKER: 647-272-6629 jasjagpal@gmail.com
Jess Jagpal, Sales Representative : 416-312-9742 teamjagpal@rogers.com
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© 2011 Jas Jagpal, Sales Representative, BSc. York University
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