Yes this is another one of those blogs about how the market is doing...but its a good one!
Whether you are in real estate or not, real estate always seems to come up at parties and get togethers with friends and family. In between appetizers and playing boxing on the Nintendo WII (awesome I must admit), most people are asking me:
"Hey Paul, How is real estate doing? Not so good eh?"
First I finish what I am eating and then I say "the last time I checked everyone here is still eating well, fairly well clothed and has to live somewhere right?" Sounds a bit smarmy but its not.
The ONLY change I have seen is that things are like they were in the early 2000s when I started....normal. People who are buying WANT to buy...people who are selling WANT to sell. The market testers are shelfed for now!
The biggest enemy right now is media speculation and how if there are bad sales somewhere in the US...it somehow reflects on the Toronto market. Looking at solds on a regular basis as part of my job, there is no shortage of properties moving. Its just not enough to be newsworthy. Meanwhile a property that takes 30 days to sell is now seen as a slow market...enough already!
The stats prove that even in the longest slow time between 1990-1998, prices dropped about 20%. If you have been watching areas like East York and the Beach, King West recently etc...those prices have gone up by close to 30% in the last 3 years alone. Overall up by 50% and down by 20% aint such a bad return....