As of the end of June, Toronto Real Estate Board members sold 60,293 listings, another record month. On average 54% of all the sales in a given year are done in the first 6 months, and that means that another 51,000 homes will be sold by December 31st.
The chart below, (an average over the last 20 years) of homes sold by month and the percentage that month represents in the year.
Historically May is the busiest month of the year (10.77% of the annual sales) and it’s true again this year with 12,870 homes sold with June a close second (12,794).
As we enter the summer months, fewer people might be looking at homes, but sales, demand and prices will remain strong. I have already seen a slight change in the market, where properties not marketed and priced strategically are not selling the way they were a month ago.
Though 2016 is a record year for price increases and the amount of homes sold, it is still a great time to buy real estate either as a homeowner or an investor. The summer, with less competition, is an ideal time to start. However, I must stress, you need a knowledgeable, experienced guide to help you through this process. Luckily, I am such a person!
If you have any questions, or know of someone who could use my expertise, please give me a call, I would love to help.
Have a great July,
Your Friend in Real Estate.
Steven Maislin, R.E.B.B., I.R.E.S.
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