As the kids’ summer holidays end and they head off to school, our fall holidays begin! As much as we love them, it’s nice to get back into the normal routine of work and school.
As the weather heated up in August so did the real estate market with 7,998 sales, up 5.7% over August 2014. Sales were up for all major type of homes, and the average sale price increased 10.3 % year over year for August 2014 vs 2015. While the number of homes listed increased, the number of active listings at the end of August were still down compared to last year. These factors prove that the current sellers’ market continues and there is no downturn in the desire of people to own homes.
As we head into the last four months of 2015, I see very little change in the factors that have created our amazing real estate market. Immigration continues as do low interest rates. The big news in my mind is that the Canadian dollar continues to fall compared the US dollar. While this is not good for those traveling to the states or for imports, it’s great for Canadian exports as well as tourism, as many Americans will choose to come to Canada because their dollar buys so much more. (Canadians vacationing in Canada will be great for our economy as well!). For investors in other parts of the world, Canadian real estate continues to be an even greater bargain as the Canadian dollar drops.
Canada is a great country and many foreigners continue to invest and immigrate to Canada. All of this means that real estate is and will continue to be a great investment. I still think it’s a great idea to buy investment property. Great investment opportunities can still be found! If you are thinking about an investment or know a friend who is please give me a call I would love to help.
Have a great September!
Your Friend in Real Estate.
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Toronto Real Estate Board - IDX Last Updated: 8/16/2017 7:42:06 PM