Seller’s Market!
ByAccording to a report today by Tony Wong in the Toronto Star Business section Re/Max Ontario Atlantic,reports that the G.T.A. leads Canada when it comes to the lack of listings on the Real Estate Market. This is contributing to the upward pressure on prices, something that I have previously written about in several of my blogs.
In the GTA there were 41 % fewer listings for sale in January 2010 than the previous year. Across Canada 81 % if the markets in the survey showed a marked decrease in the number of listings In Ontario, Kitchener/Waterloo had 33 % fewer listings and Ottawa had 30 %. Out on the west coast Vancouver was down 27 %. How about our local Peterborough On. market, Active listings in 2009 were 1850 listings and in 2010, only 1414 listings or down 24%.
This, then drives the consumer to the new home/condo market were sales in the GTA were up in January 2010 over 2009 a spectacular 237%. Talk about a bubble! well not exactly, January 2009 was going to be the year from hell and the world as we new it was going to come crashing down. so lets compare this year to January 2008 and sales are only up 11%. And as we should all remember we in Peterborough had a very cold and snowy 2008.
If you are considering a move the facts show that in southern Ontario we are for the moment in a “Sellers Market”
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