I read some statistics yesterday pertaining to the Real Estate Market and how the analysts did not expect the surge in condominium sales in the last quarter of 2010. The most active price point was between $250K-$350K, predominantly fueled by the first-time buyers. I was actively looking for condos for a client in the ever-hot Liberty Village area (love that location, btw-think son should live there) so I know how hot it really was. For the small townhomes, anything between 310K and 350K was flying off the shelf.
The market so far in 2011 has been extraordinarily brisk, largely due to the fact there is still limited product. Lack of supply translates to high demand. If you have a good home or condo in a good area, you will have no trouble selling right now provided it is priced correctly. Remember, there are still terrific incentives to buy too.
1. low interest rates
2. 35 year amortizations until March 18, 2011 (you do not have to close by this date!)
3. RRSP initiatives
4. first time buyer rebates on land transfer tax
All in all, the time is ripe for real estate!
Cheryl Bower
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