Earlier today the Toronto Real Estate Board released the Monthly Resale Housing Market Figures. The report confirms what I am experiencing on the ground. Essentially properly marketed properties that are priced correctly continue to sell. There is unquestionably less buyer traffic and it is taking longer to sell properties. However anyone who needs to sell - will sell - by hiring the right realtor, who implements a full marketing program and by being realistic about the price.
This is where the news is good. While prices are down from this years highs of March / Arpil and sales volumes are down 21% compared to October 2009, year over year prices on average are up 5% from October. At the end of the day the steam is out of the market, which in my view helps mitigate the risk of a bubble bursting, yet prices are holding because the market is in balance and prices remain relatively affordable.
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