November was a quiet month for Real Estate activitiy in the Toronto area although there continued to be a healthy supply of homes available for sale and a large buying population - shopping around a lot and biding their time till that incredible deal shows up.
Clearly, the chaotic state of world financial markets has caused many to adopt a 'wait and see' attitude before committing to any signifcant expenditure.
Naturally this uncertainty has resulted in a much longer average 'Days on Market' and some noteworthy price reductions.
However, it is important to know that the majority of Sellers are not needing to sell and are quite prepared to hold to their List Price - either taking the property off the market till the spring, or putting it up for rent till prices, and confidence, stabilize.
I see a backlog building, a pent-up market growing, that will soon accept that the sky is not falling in on them. By mid February (unless we have another heavy winter like 2008 - arrrgh) the dam of frustrated traders will burst open and we'll start to see a rush of transactions.
So Buyer's - now's the time to act, while most others are still in wait mode. With less competition there are opportunities for some good buys - Don't wait!
Housing Market Indicators
all figures for single-family dwellings
Nov 2007 Nov 2008 % Change
Sales 7,313 3,640 -50%
New Listings 10,692 9,925 -7%
Active Listings 18,309 27,037 +48%
Days on Market 32 41 +28%
If you plan to Sell &/or Buy a Home any time soon...
Call me at 416-322-8000
-or-
Email me at LLilley@BosleyRealEstate.com
I'm here to help.
I provide top quality service, excellent process and market knowledge plus strong communication and negotiating skills - with integrity, care and a dash of humour to boot!
You Deserve No Less!
