Currently, it is a seller’s market in Canada as there are more buyers than there are homes for sale. This lack of homes is driving up prices of homes and making bidding wars something that is very common across the country. No other place has a greater lack of homes in Canada than Toronto. Currently, Toronto [...]

Currently, it is a seller’s market in Canada as there are more buyers than there are homes for sale. This lack of homes is driving up prices of homes and making bidding wars something that is very common across the country.

No other place has a greater lack of homes in Canada than Toronto. Currently, Toronto leads the entire Canadian market for lack of listings.

In January 2010, there were 41 percent fewer homes being listed when compared with January 2009.

 In a survey done by ReMax, it was found that 81 percent of the markets across Canada have shown a big decrease in listing, with Toronto leading the way.

Next to Toronto, Saskatoon has the largest drop in listings between January 2009 and January 2010, with 37 percent fewer listings. Third place goes back to Ontario with Kitchener-Waterloo who had a 33 percent drop in listings between the two months. Victoria and Ottawa saw a drop of 30 percent, while Vancouver had a drop of 27 percent.

 In Toronto, many buyers are looking at new developments in order to buy homes so that they do not have to get into the bidding wars created by sellers selling their own homes. Homes sales in Toronto doubled in January compared with January of the previous year. In January 2010, there were 2,162 houses and condos sold, which was an increase of 237 percent over January of 2009.

 In the Greater Toronto Area, the York region saw the biggest increase in sales with sales going up 385 percent, while the City of Toronto had an increase of 289 percent, while Peel Region had an increase of 259 percent.

 In Toronto, developers are working had to bring more homes to market because of this disparity. Home prices are reaching the levels seen during the height of the real estate boom, which has many wondering about the possibility of another housing bubble. However, with new mortgage rules and the increase in the interest rate in a few months, this is unlikely to happen.

More sellers are coming onto the market as well, which should drive down the prices of homes in the coming months. More people are confident in the real estate market now, and that should make it easier for sellers to take the risk to sell a home, plus many want to take advantage of the high prices homes are going for.


Posted: 2010-03-05 08:42:15

Ream more...

Want to sell condo Toronto? If yes then you are at the right place. At Canada, especially in Toronto your search for a perfect real estate broker to find out best Toronto Condo for Sale can’t end at a better place. I Marco Momeni, assures you best value for your condo and unmatched customer service at most competitive cost. I can even help you make your condo more attractive so that we can finish the whole transaction and selling procedure in least possible time. Selling a condominium in Toronto is a very herculean task. And if you want to try to sell condo Toronto all by yourself then the whole process will be nightmarish. So let me handle your Toronto condo for sale, I guarantee you best value at most affordable price. I even have the experience to take care of all the legal procedures such as preparation of agreement papers and various other necessary things which are required at the time of condo selling. We are committed to strike the best deal for your Toronto condo for sale by finding out the most suitable person or family who can pay you correct amount. I can achieve this by utilizing mine as well as your network of family, friends, neighbors, office colleague etc. I even strive hard enough to popularize your Toronto condo for sale by using internet, print and visual medium, and various other advanced advertising and marketing techniques. As I have years of experience selling, buying and renting properties in Canada and especially in Toronto, We know in great detail about the important factors that makes difference in sealing a deal. Using all these knowledge, I give my clients many inputs and advices about staging their property which makes them more attractive and gets them better return on that.