August & September At a Glance

There is only one way to look at the GTA’s MLS: numbers – and it is with awe. The production continues to stay strong; 24% higher sales volume over August 2010 and 25% over September 2010. Prices are up 11% year over year downtown. What is driving our condo market are three things. Firstly, a shortage of property for sale, secondly, an insatiable demand from investors fleeing unstable markets, and thirdly, low-interest rates for homebuyers. It is unlikely that this will end anytime soon. I expect 2011 to be the second best year on record for MLS, and potentially the best year on record for new condo sales. Looking to 2012, I expect more of the same. If you have not yet bought a home and you can afford to, it will likely be more costly to wait. I cannot see currently what could lead to lower prices in this environment.