Here are my observations from the front line:
1. Supply is lower
2. Prices are coming off but they're overall up above 10% year to date. It's just of late in many pockets we've seen a downward movement
3. Homes in certain pockets; Leaside, Forest Hill are still seeing multiple offers and selling above as recent as yesterday. Why? Supply is low and people need to purchase ahead of the school year.
4. The market prices don't look like they're going to show a sizable drop in the near future
5. Interest rates aren't much of a threat. The U.S. is dealing with deflation and Canada is seeing treasury yields fall as people park their money in safe havens. As such banks are reducing their closed mortgage rates....so the rates are still looking great for the next while
6. HST is an issue, but understand it doesn't affect resale home prices. Some periphery services will increase a bit
7. It was presumed that HST would have led to a heightened inflation index. It didn't for the most part.
8. People always need to buy and sell. Households get larger or smaller. People want a certain school district and new condos need occupants. So there is a market. We should see an increase in inventory in September and its important to note that August is tradtionally the slowest month of the year for real estate.
So...hopefully you've enjoyed your summer vacation, saved up your downpayment and are getting excited about the purchase of your new home this fall or winter.
If you have any questions; would like more detailed information on a certain pocket; gain access to listings with no strings attached or are interviewing agent(s)...please contact me anytime.
My best---
www.TheSmithsBuyAHouse.com
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