August Market Update
July’s 7,570 sales brought the total sales of 2012 up to 58,050, and is on pace for 92,500 sales, which will make 2012 the second best year in the history of the Toronto Real estate board after 2007 (93,193 sales).
On average, July, August and September sales have less activity than the preceding 3 months and represent only 25.29 % of the year’s sales, with August and September lower than July. By contrast, April, May and June average, 31.57% of the year’s sales.
As we continue into August and September, the number of sales continue to drop, (August 8.33% and September 7.94%), before we get the last “sales bump” of the year, October with an average of 8.34% of the year’s sales.
While these numbers may seem tedious, they are important as they give guidance as to the most appropriate time to sell or buy.
August and September are a great time to buy if you are considering a purchase. Toronto real estate continues to be a great investment. The economy, immigration and low mortgage rates continue to cause real estate to increase and there seems to be no change of those factors on the horizon. As a matter of fact, as Europe continues its woes, Canada and Toronto in particular, become a safe haven for investors and their money. Long term, real estate has been and will continue to be a great investment.
As kids get ready for University, many parents are looking for rental accommodations. Consider purchasing a condominium. Four years of rentals adds up to a lot of money with no chance of recoupment. It’s a great time to enter the market both for having a wider than normal selection and the opportunity to negotiate a better price due to the summer market!