That is the question that I get asked every hour of every day….So How do I answer that one? The Stock Market has definitely had a great effect on market confidence and there is no getting around that. Every media outlet is predicting doom and gloom in all sectors and there is no getting around that either…
However, would you be surprised to know that even with it all, over 5000 properties sold in Toronto last month? Now, of course, that was less than in 2007 but last year at this time we were having a great market with people jumping the cue to miss out on the Miller’s Land Transfer Tax.
So, yes, there is no doubt that the market is slower but there is also no doubt that people are buying houses and yes, there is a Real Estate Market!!
Know that when the market slows there are great advantages..Buyers have time to look around and cherry-pick the best homes at the best price…Sellers have to make sure they are well priced and well staged. When they sell, they will be able to become Buyers and move on to their next goal.
Don’t let the Media scare you. People always move to achieve goals; new schools, new kitchens, new neighborhoods…Real Estate is local and Toronto is a City that has net immigration of 150,000 people every year and that low mortgage rates have made property more affordable than in the past 10 years even at the highers prices in 2007.
Set your goals and move to achieve them!! Best Wishes and if you need someone to bounce ideas off, please contact me!