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Canada vs. U.S.

November 18, 2008 By George O'Neill 2 Comments

star-article-nov-17-08-car-sales-comparison

 

Most Canadians I believe are wondering when economic slowdown in the U.S. will hit Canada in earnest.  Well, the Toronto Star published the above results today about auto sales in the two countries, and generally in Canada sales are mixed but overall holding their own, while in the U.S. they are down across the board for all car companies.

This mirrors the real estate situation, somewhat at least, in Toronto.  Generally, homes are holding their value (down about 10% on average across Toronto according to the latest report from the Toronto Real Estate Board, but each area of the city is a micro-market and performs not necessarily the same as the average) but sold prices are still 97-98% of list, and are taking about 20 days on average to sell.  These are far from doomsday numbers.

Of course, we are not sure what is ahead, but one thing is for sure, and that is if you are looking to buy real estate, now is the time to be shopping. Prices are not expected to drop significantly in Toronto like they already have in other areas of Canada (like Vancouver and Calgary, for example).

Real estate is now “ON SALE”, and just in time for the holidays!

 

George

Related posts:

  1. Toronto Real Estate Market Watch Report – January 2009
  2. Mid February 2009 Toronto Real Estate Market Statistics
  3. February 2009 Toronto Real Estate Market Statistics
  4. Toronto Beaches real estate market update, August 8, 2010
  5. Toronto Real Estate Statistics @ Mid November
Filed Under: Toronto Real Estate Musing Tagged With: , , , ,

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.

Comments

  1. Mike Stewart Downtown Vancouver Realtor says:
    November 25, 2008 at 1:54 pm

    Hi George,

    Are the woes of the domestic auto industry affecting your business in the Toronto area?

    Thx

    Mike Stewart

    Reply
  2. George O'Neill says:
    November 26, 2008 at 12:45 am

    Hi Mike,

    The auto industry slowdown is indirectly impacting Toronto. The industry is so large and reaches across so many sectors from a service perspective, people are just concerned in general. Outside of the Toronto the impact is deeper, especially in cities like Oshawa and Windsor where layoffs have already occurred.

    But, having said that, people still need to move for various reasons, in any economy, so business is still brisk here. We are currently back to 2006 levels of sales, which was a very good year (the second highest on record in fact for Toronto – with 2007 being the peak).

    How about Vancouver – how is the market?

    George

    Reply

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