2007 was a record year in Real Estate across Toronto with a new high of 93,193 sales, reported the Toronto Real Estate Board (TREB). TREB also reported that sales were up 12% over last year, and up 11% over 2005, which was previous highest record year, until 2007.
Should we rejoice, or retrench? 2007 certainly was a “Sellers’ Market” with many multiple offers, sale prices over asking and more buyers than sellers.
2008 may unfold differently with the Toronto Land Transfer Tax in place, a strong Canadian dollar impacting our exports and an economy to the south of us slowing. Yesterday the Wall Street Journal reported that Goldman Sachs predicts the U.S. economy will be in a recession later this year.
For up-to-date Real Estate market statistics, relevant economic factors, and a discussion of implications to buyers and sellers, regularly check out this blog.
If you are thinking about buying or selling real estate in 2008, you should be aware of the implications of these economic realities. And remember, your comments to my posts are always welcome!
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