The Housing Market is still HOT!
Toronto Real Estate Board (TREB) just released May housing results. The average sale price is up 9% from last year in May. The 2010 average sale price in May was $446,593. That's an increase of $40,193.37 in one year. Tell me that's not a bad pay check? If you compare sale prices across the country, you'll see very similar results.
A good reason for increased property value, is the fact Canada has fought its way through the economic downturn, and come out very prosperous in the world arena. Who can argue that we are among the top 5 for economic stability?
TREB also shows the average number of new listings have decreased by 15% compared to last May. In my opinion, a large number of people bought and sold their properties before the HST implementation. And regrettably, created a blip in our market last spring.
I need to reiterate that the housing market is still HOT!
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