According to the reportings to the Toronto Real Estate Board, June 2010 sales did decline but the price however has increased slightly in comparison to June 2009. The market has been showing strong signs towards a shift from a seller's market to a buyer's market for the last couple of months. The reported sales this June was 8,442 which was a decline of 23% from the reported 10,955 in June 2009. The average price for GTA (includes 416 and 905 properties) was up 8% with an average price of $435,034 in June 2010 compared to $403,972 in June 2009.
Many consumers always try to figure out when is the right time to buy and/or sell. There are so many factors to consider. The obvious ones are speaking to an experienced realtor to do a market study and try to determine the amount of inventory, demand and market trend in your neighbourhood. Just because your friend or relative said that their home sat on the market for a long time does not mean that yours will. Not all neighbourhoods are the same and there may have been factors impacting the salability of their home that may not apply to yours ie. not priced according to the market, showing conditions, access to view and show the property etc. The other factors that should be considered when trying to determine if it is the right time to buy and/or sell is your current financial situation, maintenance costs of the home while you are waiting to see if the prices will go up, mortgage payments discharge fees, interest rates and market trend where you want to buy just to name a few. Have the right information and determine if it right for you!