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July 2012 Toronto Real Estate Market News
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Greetings! The new mortgage rules have come into affect and we'll see what fall out there is, if any. Some pundits have predicted that it has eliminated 15% of potential buyers from the market. If that happens, I predict, we will definitely see prices fall or stagnate as thousands more listings get added to the market. It is going to get more crucial to select a Realtor team that really has a Selling Marketing plan as it is going to get more and more difficult to sell.
In June we had 5% fewer sales and nearly 2000 new listings. I've already noticed prices cooling. Fewer multiple offers. The sale's decline is affecting houses in the 416 area code and condos through out the 416 and 905 area codes. Average prices for condos only went up modestly by 2% from last year while houses faired better at 6 to 10%.
There is a lot of uncertainty in the market. People wondering when prices will fall. From all the indicators I'm getting- prices may fall a percent or two but not much more. More likely the low interest rates will keep them steady until world markets fair better. One thing for certain is that no one can tell you exactly where the real estate market wil be in a year from now or five years. If you are aiming for home ownership, make sure you can afford it!
People as me "Jas, When is the best time to Sell?"
1. I say, when you feel it is time. Historically spring market is the strongest, followed by fall. But houses are sold all year long.
When is the best time to Buy?
1. Again when you feel like it. Historically winter is the best time to save. But as it has been happening and prices keep going up, the price increase negates any savings. So buy when ever, just make sure you can afford it.
Note: The new mortgage rule has increased your monthly payment by about $50 a month for every $100K of mortgage loan.
Remember he biggest mistake Buyers, Sellers and Realtors make is thinking they can time the market. Eventually the best time to buy and sell is when you are ready.
So if you are looking to buy or sell, have questions, then call us. You'll get honest answers and an experienced team focused to help you sell fast with a Sold guarantee.
Jas Jagpal, Broker | 647.272.6629 | jasjagpal@gmail.com
Jess Jagpal, Sales Rep. 416.312.9742 jessjagpal@gmail.com
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