Thursday, August 5, 2010

If you could Do It Over.. What would you change Toronto?

It's the doldrums of the warmest summer that I remember in Toronto; the Exhibition is just around the corner and I have fabulous "Front Row" seating for the Air Show on my Terrace.

If you had a chance to select again, where and how you live, What different choices would you make? Would you stay in the same neighbourhood? Consider moving closer to work, nearer to Public Transit as we try to green our economy and employment. Do you have rooms you havent's seen in months, for guest that never arrive? Could a condo be in your future? Would you escape the city entirely and escape to a waterfront retirement community like Cobourg?

The Toronto Real Estate market released results that;
TREB reported sales numbers that were a little lower than I had expected, although the amount of inventory also dropped so things balanced out quite nicely. Sales for the month of July were 6,566 units, down 1,900 from last month (typical drop). There are currently 21,096 homes for sale which is 3,000 down from last month. As predicted the number of new listings coming on the market slowed down.

We can expect this to continue until the middle of September at least.Because there was a significant difference in July sales this year over last July (down approx 35%), I am quite confident that in a week or two, the media will be taking the latest numbers and spinning a story of doom and gloom. What we need to remember is that July 2009 was significantly ABNORMAL, unlike any other July we’ve experienced even in some of the hottest years past. The reality is that the end of this year will be getting back to NORMAL. Doug Hannan RE/MAX

So let's recap. There is less for sale during the summer, the expected rush of people listing their houses hasn't happened, Shoppers are still out and prices are holding slightly below spring levels, The housing bubble and crisis blogs need an excessive number of homes available for resale to result in a "Bubble Burst".

Inventory has actually decreased as people watch the media and are nervous about how the real estate market in west Toronto will be impacted by the implementation of the HST. If you are considering a change, I would appreciate the opportunity of an interview.

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