GTA Resale Housing Stable in July
With 7,806 single family homes sold in July, (and thousands more new construction sales not recorded by the Toronto Real Estate Board), the Toronto housing market continues to be very active and still a great opportunity for investment and home purchase. As of the end of July, the average price of a home was $387,080, up 4% over the same time period in 2007 and up 9% over the $354,863 average as of July 30 2006, proving again the great investment value of real estate.
The major change in the market is that as more properties have come up for sale, it has changed from a sellers market (multiple offers and quick sales as buyers have few choices) to a buyers market (more homes to choose from). Prices continue to increase but buyers have more time to look and think. The change in the market requires a change of strategy for the real estate agent and their client. While the past attitude has been that a house sells itself (only by part time and incompetent agents), it really has not been true as even in the best years only half of the listed properties sold. The companies and agents with the best marketing and promotion attract more buyers. More buyers translate into more offers and a higher price with better terms for the seller. Television, radio, billboards, an international reputation and the subsequent referrals are the key to a successful HIGH price sale. The internet has become a tremendous source of buyers and is a key component in today’s marketing strategy. (Did you know that RE/MAX averages over 2 million unique visitors to our website every month? That is marketing power!)
It’s a great market, and will continue to be. It is a great time to buy an investment property! If you know of someone thinking of buying or selling, please let me know, I will really look after them well. Sometimes it’s hard to recommend another person, but with me and RE/MAX you can’t go wrong, and buyers and sellers need my expertise in today’s changing market.
Have a great month!
Your Friend in Real Estate.