No real surprises in the market, approximately the same number of sales as last February, 5,025, with approximately the same number of listings, 13,284, which is less than 3 listings for every sale, making it an overall “sellers” market as buyers have few choices when purchasing a home.
While this is an average number, the reality is that homes over $1,000,000 are experiencing a balanced or even a buyer’s market depending on location. A balanced market is where there are 4-6 homes available for every sale and a buyer’s market is where there are over 6 homes available for every sale.
This dichotomy has been brought about by the government’s mandated mortgage stress test which has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The good news is that government long term bonds are now offering lower returns, an indication that interest rates may drop in 2019.
There is “feeling” and “reality”. The average “feeling” is that the market is bad and no one is buying homes. That impression has been brought about the media who is always sensationalizing to sell advertising. The “reality” is that over 9,000 homes sold in the first 2 months of the year, despite awful winter conditions, an indication of peoples willingness and desire to own their own home. In February almost 1,200 homes sold over $1,000,000 with 165 selling over $2,000,000. There is a market and an opportunity!
As the old saying goes, “he who hesitates is lost.” There are great opportunities in this market, and I believe those who are purchasing now will be the winners as prices are bound to increase as they always have.
Give me a call, lets chat. When prices increase, the more expensive homes go up more, so this market is a great time to upgrade your home!
Have a great month,
Your friend in real estate.
Why Choose Peter Kwan of RE/MAX Realtron When Selling Your Home?
Real Estate Professional Peter Kwan has been serving home Sellers and Buyers in Toronto since 1991. He is a consistent Top Producer and has earned many awards throughout his career, including #1 Chinese agent in Canada.
Backed by the power of the RE/MAX network, Peter uses a combination of traditional and high tech tools to market properties to the greatest number of potential buyers worldwide. His website features community and Real Estate information, as well as Listings.
Peter is fluent in English, Cantonese and Mandarin. His aggressive and unique marketing plan gives all his clients' homes extraordinary exposure. SOLD FAST, and gets TOP DOLLAR! His success has been due to personal approach and integrity * dedicated service to his clients and the industry.
Peter is tireless in his efforts to serve his clients. He understands the needs of a family. By exceeding the expectations of his clients, Peter has earned their referrals and repeat business. He has the skills, knowledge and experience to achieve your Real Estate Goals.
Why Peter Kwan? Because…He specialize in you!
Peter Sold 1 Home Ever 2-3 Days since 2006.
Most of Peter's listings sold record breaking over asking price were without ineffective open houses, staging & even no For Sale sign on the property. Peter is very happy and appreciated if the owner allow him to install an overasking sign after Sold.
Peter is so confident that if owner found any real estate agent sold more properties in Ontario than Peter Kwan within the past 26 years, Peter is willing to match their commission plus a free air ride with Peter Kwan (Pilot in Command) on his private airplane.
No Free Lunch! Peter invests close to $1 Million every year just to Advertise!