News is news, good or bad but let's face it, most times bad news are the headliners. Real estate is a big topic but again seems to be mentioned with a negative undertone. "Doom and Gloom" and "Bubble Bursting" are usual phrases used.
In the summer, it's typical for it it be a slower market time but our summer markets are getting stronger each year. Below is an overview of the sales and average prices comprised from information provided by the Toronto Real Estate Board over the last 3 months and comparing it to the same months respectively in 2010.
Sales Reported Sales Increase Average Price Price Increase
May 2011 10,046 up 6% $485,520 up 9%
June 2011 10,230 up 21% $476,371 up 9.5%
July 2011 7,922 up 23% $459,122 up 10%
Key indicators to a strong market are interest rates, unemployment rates and immigration. Our record low interest rates and decreasing unemployment rate of 7.2% reported in July 2011 compared to 8.53% last year is probably helping the buyers feel more confident. Migration to Canada plays a big part in a strong real estate market and with no surprise in April 2011, Statistics Canada reported the population to be approximately 34,349,200 which was up by 70,800 compared to January 2011 at 34,278,400.
Gloom or Bloom? - I see blooming possibilites.