Greater Toronto Real Estate Market July 1, 2017, Update By Perrii Muthuraman

Next week, we will be able to carry our story on the captioned topic with Toronto Real Estate Board’s latest June figures. However, as a reply to many queries we received, we bring this story this week.

Here are some quick facts

  • Home sales continue to plunge in the Toronto region.
  • Price trend is also downward in general.
    • Average Price of June first half was $808 847
    • Average price of May                    $863,910
    • Average price of April                   $920,791
  • Still in a very few pockets bidding is NOT uncommon.

 

Here are some opinions

  • CIBC World Markets economist Benjamin Tal argues the weakness in the market is “a temporary story” because economic fundamentals are still unchanged, with interest rates low and Ontario’s economy still growing strongly. (The Globe and mail)
  • John Pasalis, president of Realosophy Realty Inc. in Toronto, predicts it may take until January to see the market turn. He believes there could be a surge of new listings in September as people decide to sell their existing homes before shopping for a new one in an uncertain market, leaving the market with more sellers than buyers. (The Globe and mail)

Our view

  • Warren Buffet said “ Be fearful when others are greedy and greedy only when others are fearful. He has chosen to invest in Home Capital Group Inc., when everyone is fearful. His strong endorsement in our housing market is a great factor and people who sense it will be wiser.
  • Housing market is not going to crash in Toronto because fundamentals are strong. Ontario’s economy is doing well.Market can bounce back any time before middle of 2018. Period starts right now. People who wait too long to buy can miss the bottom in this market cycle.

Is it a good time to buy?

  • Indeed yes. If you are a buyer, you have a choice now. You can negotiate, and you have a level field after many years.

Is it a good time to sell?

  • Not really, unless you have to sell due to any unavoidable circumstances.

Need some advice to buy or sell

  • Contact Perrii Muthuraman. Sales Rep, Century21 Innovative Realty Inc., Brokerage at 416 473 6100 or email: perrii@perrii.com

    paulbr75 / Pixabay

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