March has been a great month along with February as well for home sales in the GTA, March sales were the second highest ever just behind March 2010.
Why is the Market still booming we might be asking? well a few things, first their is the newbie factor (first time) home buyers are rushing to get into the market and take advantage of lowest rates in our history, even though rates increased this past week by .35 basis points they are still well below the norm! Low interest rates are also a key factor as to why the market is going to strong. Second- the simple fact that their are no homes on the open market for sale, yes that's right we have a huge shortage of inventory at the moment which in turn is sparking multiple offers for 30% of listings. Nobody wants to go back to the day's of the late 80's when rates were held steadily close to the 18% mark, do we?
And lastly and i believe the most important as a whole as this reason affects not only the Toronto Real Estate market but our country as a whole, consumer confidence is on the rise as investors believe that our economy will be leading all G8 nations economic growth by 2012. That's great news for all of us regardless if we are buying, selling or simply staying put.
My advice to all my clients has always been "don't try and time the market for it to correct as you will get burned and price yourself out of the market place all together" if you can afford to buy, and you find the right home then buy it!