Everyone will talk about the Real Estate Market in Toronto over the seasonal festivities that we enjoy at this time of the year.
Will the Market go up? Will the market collapse?
Buyers who were priced out of the market and have been waiting on the sidelines have said "I'll Buy when.... the prices are cheaper? Interest Rate Shoppers will come out when.... the Rates come down.
Here are my thoughts;
Housing is based on confidence. Confidence in your job, your home life and your financial security. Where and What you will buy is based on your family need. Interest Rates starting in 2009 will be the lowest they have been in the last 50 years. Check for current rates.
The number of people gainfully employed currently stands at 93%. Shoppers at Sherway Gardens are crowding the Mall but shoulder to shoulder at Coach and Apple Stores. Mall walkers have many bags in their arms. Sales are everywhere. People are Smiling!
The available inventory for homes may seem large based on a number of units available for sale currently hovering around 24,000 for December 2008 in the Toronto but is actually disproportionately low for a demographic urban area like the Toronto (GTA) when compared with other major centers like Chicago, New York or Vancouver and Montreal.
Real Mortgage defaults are the lowest of G8 countries at 1%. Thats why there are no real Power of Sale listings! Our Banking System is sound.
Lets take advantage of those sitting on the sidelines;
The step between what you are looking for and what you have now is much closer than you think. If you are BUYING and SELLING at the same time, netting a little less for your home and buying for less makes no difference. This is what your dollars can buy today.
Lets Take Advantage of the Current Market conditions to better your position. There's deal around every corner.
As always, your comments are invited. David Pylyp
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