A review of the GTA Real Estate Market So Far Through 2012

With the Toronto Real Estate Board publishing their 6 month review this month, now is a good time to look back on the GTA’s real estate ups and downs so far through 2012.

Although, sales were down almost 5.5% across the entire GTA in June, most of this decline came directly from the City of Toronto, which accounted for a large decline of over 13% compared to this time last year.  For the other markets, including Oakville real estate, the market has stayed relatively stable compared to the same statistics from 2011.

Although these early summer declines are very normal for the seasonal real estate market in Canada, it was ever more likely with such a strong start to the real estate market in 2012, seeing its peak in May, with the expected decline in June. With sales between January and May seeing a large 9% jump over the same time last year, it’s simple math that there will likely be less buyers in the market once summer get’s into full swing.

Another interesting factor is that although sales in June did decline, mainly in the City of Toronto, there were actually 13% more homes on the market then at the same time last year. It’s likely that with such a strong start to the year, interest rates remaining low and constant talk of a real estate bubble in the GTA (mainly within the condominium market), many home owners feel that now is the right time to sell their home and make a profit.

Although, this may seem like a lot of volatility in the marketplace, it’s actual quite consistent with the rhythm of the real estate market over the past several years.   The recent increase in homes for sale on the market, however, has led some to speculate that we may be slowly heading out of a seller’s market and towards a balanced market. This may be a story for our end of year review, so stay tuned and visit our website for the latest Oakville real estate news and for our gallery of Oakville luxury homes for sale.

The Goodale Miller Team is based in Oakville, Ontario is Canada’s #1 Century 21 team for 8 years running.

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Mike Smith

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