A glance at this month's graph of resale home prices across the GTA will reveal that May followed the anticipated pattern, with 9, 411 sales of single family residential dwellings. As Toronto Real Estate Board President Maureen O'Neill suggested, "A 9000-plus sales month is certainly indicative of a healthy market." While the number of sales fell below last year, the number of listings was also down, leaving the supply and demand balance fairly similar to previous years.
The second thing to note is that from the end of May through August, it is traditional for prices to decline. This is usually due to many factors, including the fact that during any given two-week period in these months, a substantial percentage of the population is on vacation... including Realtors. Most families anticipating a move before school begins in the fall organize their moves by the end of May, thus reducing the demand... and supply... in the summer market place.
If you are planning a move in the next few months, you should be prepared to be a bit more competitive in your listing price that you might have been 60 days ago, however, when you buy, you will likely make up the difference. You will also be able to take advantage of the very low interest rates now offered... which, in the long run, can affect your carrying costs more than a few thousand dollars difference in price.
For Homes for Sale in Meadowvale, Mississauga, Brampton and Oakville see Sell My Home in Mississauga Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.
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