subject: What to Consider When Buying or Selling [print this page] Buyers and Sellers are overwhelmed with information, news items and statistics. To get a clear picture experts suggest to do the following:
1. Remeber - Real estate is local. Focusing on an average sale price for all of Canada is extremely misleading as markets vary significantly from coast to coast and sometimes even within the same community. Perhaps the worst thing that a GTA homebuyer or seller could focus on is broad, national measures as suggested by the Canadian Real Estate Association (CREA).
2. Look at the big picture. The real estate market is influenced by a number of factors that, in the long run, have a huge impact on the value of real estate in your local market. Some of the main factors that affect real estate valuations include:Population growth,Economic growth,Employment growth and interest rates.
How is the GTA faring in terms of the above? The GTA population continues to grow as Toronto maintains its rank as one of the best places to live in the world. Small wonder we are one of the strongest cities in Canada in terms of in-migration.
3. Know what's happening with interest rates. Interest rates have a huge impact on the status of the real estate market. Clearly, the higher the interest rates are, the less affordable housing becomes.
4. Focus on 6 and 12 month snapshots. One of the worst things that a real estate buyer or seller could do is focus on month-to-month comparisons. Why? One month does not make a market.
Overall, the Toronto real estate market is in good shape as the city continues to be an excellent place to own and hold real estate. If you want an accurate picture of what is really going on, talk to us, we know your local market in Toronto.
What to Consider When Buying or Selling
By: Nachum
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