November 2012 Real Estate Sales – Positive Change in the Markets
We hear a lot of talk about the markets becoming worse, or going down hill and how we should all panic. Too often, much of the speculation is just based on personal opinion.
Let’s put something straight: the real estate market is not crashing. It’s adjusting. For any shift in economic conditions, markets need to adjust themselves. They may take a day, a year or 10 years, but it will eventually adjust as various individual factors fix themselves.
One promising piece of information came from a RealNet report, outlining the market results for November 2012. The highlight? November 2012 was the 5th best month for high-rise sales in the GTA, on a 13-yr average. It has also been the 4th highest year-to-date high rise sales on records, 15% higher than the long-term average. The increase in sales can be attributed to the strong performances of the following condominium projects: Ten York, Haven on the Bluffs and College Condominiums.
November 2012 sales, compared on a 13 year period | Source: RealNet November 2012 Market Results
Another great piece of news: For the first time in 4 months, inventory of high-rise developments dropped, dropping the overall inventory on the market to 28,926.
These are just the beginning signs of the markets overall improvement. Hopefully these trends continue well into 2013.
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