Our world is interrelated. To talk about Real Estate in Your area. We must look at Global Markets, Global economies and it eventually filters down to our area…. Your area! Where you live. Where you want to live. Case it point, the effect interest rates have on the housing industry.
Here is a short rundown of what happened generally in 2011 and a brief forecast for 2012, courtesy of Toronto Real Estate board. Remember, no one has a crystal ball and all neighbourhoods are different.
“Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010. “Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.
Looking to Buy or Sell in 2012, call me. You can be sure I’ll look after you. You won’t be disappointed.
Greg
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