Bad Economic Times: Impact on Canada's Housing and Real Estate Market (Status: BUYERS MARKET)
Resale Housing Market in Toronto and GTA drops to pre 2005 levels
CURRENT TORONTO REAL ESTATE MARKET STATS
Our real estate market is now:
- 18% lower than 2007 or
- 10% lower than 2006.
- 21% drop in sales in Toronto same period a year ago
- 16% drop in sales in 905 areas same period a year ago
- 11% drop in GTA sales prices: from $399,013 in October 2007 down to $353,772 today
- 15% drop in Toronto sales prices: from $441,878 in October 2007 down to $375,804 today
- 8% drop in 905 Regions sales price: from $337,671in October 2007 down to $365,527 today
(This reversal trend will continue for the months to come)
Overall, there are 30% more homes available today since last year. This means 8000 homes or more are not selling.
We are now officially in a BUYERS MARKET!
We strongly advise:
- DO NOT SELL if you don't have to
- SELL RIGHT NOW if things appear will be worse fo royu over the next 2 to 3 years
- Pre-construction buyers should start selling immediately. Cut your losses today.
- Do NOT WAIT for the future to rebound. Your LOSSES will be DEEPER.
- Hold your cash for another 6 months then, if the market is flat, start buying
- Invest in Commercial Real Estate instead
- Take your money out of mutual funds and stocks. In 2008 most people dropped their Mutual Funds. Do the same. Make a safer investment
- REAL ESTATE is the ONLY Recession-Proof Investment one can make
- If you must sell, use any possible mean (lease to own option, etc)
Remember this fact: When bad times hit, most people rent or lease!
You will need the cooperation of a capable real estate agent with a lot of marketing capabilities. One that understands your needs and helps you fulfill your plans. One that reaches beyond Canada for serious buyers.
