Something to think about:
Just wanted to illustrate a point about the market. In the last 2 weeks we’ve seen things pick up within the Yonge and Eglinton/Davisville area. In some cases there have been multiple offers with above asking price final sales. For the most part – we’ve already seen the end of the dip for this area. This is mainly due to the lack of inventory we are starting to see again.
I pulled up the stats associated with the most recent sales. Average list price for the area over this time frame is 99.92 percent of asking price. This is up from about 97 to 98 percent of asking price about a month ago. These sales were taken over the last 2 weeks (August 10th to August 24th)
I do predict that in the not too distant future we will be back to the same market conditions we’ve experienced for the last 9 years (A Sellers Market). Your best opportunity to make a purchase could be now. I only mention this to you because it was actually the best time to buy when things looked the worst last year. I preached this last year to my buyers + referenced this on my blog….and actually made a major purchase during March 2009 (single worst time to buy according to the papers. In realty it was the single best time to purchase a property in Canada.
As a buyer: You want to take advantage of this short window before it’s a seller’s market. Feel free to contact me to discuss the market for the area.