Consumer Confusion in Today's GTA Real Estate Market, by Gitta Levi , Century 21 Heritage Group.

No wonder today's Real Estate Buyers and Sellers in the GTA are confused! Every day there is another article on mortgage rules changes, and how this will effect the prices of homes, condominiums and townhouses in the GTA. These are the same "Guru's" that told us that there was a "condominium bubble" in the GTA, not too long ago. Surprise, surprise--last year (2010) condominium sales accounted for 55% of all real estate transactions in the GTA!

This morning, (Wed. Feb. 9th, 2011), the Globe and Mail's Report on Business ran a small article in their "Business Ticker" section, entitled "Housing Decline seen less severe for 2011", by Steve Ladurantaye. The author said that "the Canadian Real Estate Association has raised its sales forecast for the rest of the year, calling for a smaller decline than it had originally expected, as low interest rates keeps buyers in the market." He went on to say that "the association now expects sales to fall by 1.6% in 2011, compared to its November call for a drop of almost 9%. Prices are also expected to do better than forecast,with a gain of 1.3% instead of a slight decline." Chief Economist, George Klump, was quoted as saying "the announcement of the new changes to mortgage rules will likely bring forward some sales into the frost quarter that would otherwise have occured later in the year."

What does that mean for you, the GTA Real Estate Buyer or Seller?

Buyers--Mortgage rates are still very low, which relates to affordability when buying your first home, condominium or townhouse in the GTA. Right now, there is very little "product" on the market, so do your homework first, before you start your search, to see what you can comfortably afford, and then contact me and let me know what areas you wish to concentrate on in your home search.

Sellers--multiple offers are still out there! Make sure that you are realistic in your asking price, and that your home is "staged", clean, and inviting for potential Buyers coming through. I can help you with all that, as part of the service that I provide.

If you've been thinking of a real estate move, now is the time. Contact Gitta Levi of Century 21 Heritage directly at 416-587-8222, or email gitta@gittalevi.com.