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2008 Outlook – Some Thoughts

January 10, 2008 By George O'Neill Leave a Comment

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!

Related posts:

  1. What will Toronto Real Estate sales be like in 2008?
  2. November Sales Set Another Record
  3. Toronto Beaches real estate market update – August 15, 2010
  4. Toronto Home Sales Statistics for October 2008
  5. Toronto Beaches real estate market update, August 22, 2010
Filed Under: Toronto Real Estate Musings

About George O'Neill
George O'Neill is CEO and Broker of Record at O'Neill Real Estate Limited. Prior to founding this business, George worked for over twenty years as a management consultant with PricewaterhouseCoopers, Deloitte Consulting and for leading Canadian and U.S. companies including Hydro One, Spar Aerospace, McDonnell Douglas (Boeing) and the Manufacturing Technology Centre in business development, marketing, sales and technology roles.George holds Master and Bachelor Degrees in Mechanical Engineering from the University of New Brunswick (UNB) as well as an MBA Degree from Queen's University. Active in the local community, George supports various charities and organizations and sits on various Boards including two private corporations and three not-for-profit organizations. George was an adjunct professor in Economics at Humber College for years and is founder of Real Estate Technology Toronto (RETechTO), Ontario's largest digital marketing discussion group for real estate professionals, and is founder of the annual Social Media Marketing Summit for Real Estate.George is an author, video blogger, sought after speaker and recognized as a thought leader in the real estate industry. He is pleased the majority of his business is based on repeat clients and referrals, and loves to spend time with his growing family.

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