You really notice a difference the first week back after Labour Day. With the kids back to school and everyone back from the cottage, the city is much busier. Traffic volumes, and so commuting times, return to their pre-summer levels. the benefits of living in the central city, with a short commute to work, become more obvious.
We are finding things busier at the office too with the client rooms being used more. We are receiving a lot of calls on our new listings. As will be reported in our article on the back page of the October North Toronto Post magazine, the real estate market was hot this past summer even though the weather wasn’t. In August, sales through the Toronto Real Estate Board were up 27% over last year. In July, they were up 28% over 2008. We expect this busy market to continue this autumn.
Why has the market been so hot? Primarily because of today’s low mortgage rates. As the economy moves into a recovery period, it is likely that interest rates will increase. Buyers want to acquire their home now while they can still tie into a low mortgage rate.
As a result of all this buying, there has been a significant decline in the number of active listings. Prices have moved up somewhat. If you are a potential seller, this autumn would be a great time to take advantage of the opportunity to put your house or condo on the market. Our neighbourhoods look glorious at this time of year too with the turning of the leaves.
If you are a potential buyer, now is the time to contact a realtor® to help you find your home before mortgage rates go up. It is also nice to be into your new homes before winter sets in. A realtor® can help by bringing good properties to your attention early. Many listings have multiple offers. A realtor® can guide you through this process.
Considering buying or selling? Please contact one of the sales team here at the Royal LePage Bayview Branch.
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