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What is happening on the GTA Real Estate market? Please read! ...It was the best of times; it was the worst of times, so starts "A Tale of Two Cities," the classic story of the French revolution written in 1859 by Charles Dickens, the British author. That's exactly how it is today in the stock market as well as the real estate market. There is no question that the media and their expert analysts, (a different bunch from the ones who predicted oil going to $200 per barrel and Obama losing the election) have had their desired effect, that of selling advertising. Unfortunately they have scared a lot of people needlessly, and many individuals are caught like deer in the headlights, not knowing what to do. Here are some facts. Unemployment across the whole of Canada is at about 6%. That means that 94% of people are employed! By the way, unemployment was never at 0%. It fluctuates between 3% -5 %. Canadian immigration continues at all time high levels with 300,000 new immigrants arriving annually with at least half coming to the GTA. As jobs are lost in Alberta and other provinces, there will be more movement into the GTA. Those people will require housing, restaurants, transportation, etc, earning money as well as spending it. With the Government pledging $100 BILLION to stimulate the economy, I believe that there will be many opportunities for all of us to prosper. So, it's the worst of times for those who believe it is. It's the best of times for others who are using this opportunity to buy good stocks at lower prices and homes that they could not qualify for last year. The average price for MLS sales in March 2009 was $365,499 compared to $385,405 last year. Greater Toronto Realtors announced 2,565 transactions in the first half of March compared to 3,183 during the same period last year. The annual rate of MLS sales decline was the smallest in five months. Economists feel that Canada will start moving out of the recession by the third quarter of 2009. I truly believe it is the right time to buy real estate, both as a personal residence and as an investment opportunity. No, I am not optimistic because I want to make a sale, it's because Toronto homes are so cheap compared to the rest of the world. As immigration, growth and demand forced prices up in London, New York and Tokyo, those same factors are working in Toronto, and prices will continue to increase as the years go by. The mortgage rates are all time lowest! If you know someone thinking of buying or selling, please let me know so I can give them a call, and I promise to take special care of them for you. I truly appreciate your help. |