I am so glad to pass on the news: with 6,318 in sales reported, August was a solid month for resale homes in the GTA. Prices were up 3.96% over the same time period as last year, indicating none of the market weakness that so many buyers were hoping for. While the number of homes for sale is higher than last year, this increased inventory is giving buyers more homes to look at before purchasing, but as the figures indicate, prices continue to increase.
                                          It's interesting to note that 73% of the sales in August were homes under $400,000 and 60.9% were between $200,000 and $400,000, First time buyers continue to drive the Toronto market, and this will continue as immigration to Toronto continues to be at very high levels. With Toronto being # 82 in the world in the 2007 cost of living report (Moscow is #1), new immigrants and investors continue to buy Toronto real estate.
                                                   What is the major difference between the market today and last year? Other than prices increasing by about $15,000 on an average home, that would be the listing inventory, and the impact of the internet. Last year 1 out of 2 homes sold. Buyers had fewer choices and had to act fast when the right home came up for sale. Now, 1 out of 4 homes is selling. To get the home sold, the home must be strategically priced to get the best results. The days of putting a home on the market and hoping it sells are no longer an option.
                  The internet has become a major force in the sale of homes worldwide, with 82% of buyers and sellers starting their home search on the net. With 2,000,000 unique visitors coming to the RE/MAX site monthly to look for homes, I am perfectly positioned to help my clients. Things continue to be great for me and I hope for you as well.
If you know of anyone looking to buy or sell, I would appreciate you giving me their name and number so I can contact them. I promise to look after them for you! Have a great month.

More Toronto market information can be obtained through this link Toronto Real Estate Board (Consumer Market News)

Also the latest newsprint articles on the real estate market can be obtained through my website link:

 www.fergussharpe.com/realestatenews

What they sold for in August 2008