In the past two months, I’ve been apart of many multiple offer situations and in my experience December and January are usually slow months. So this leaves me scratching my head wondering what is going on with the Toronto Real Estate Market, and more specifically the Toronto Condo Market.
This past January alone, there were 4,986 transactions done through MLS compared to 2,670 in January of 2009. The average selling price was up in January to $409,058, 19% above the avg price at the same time last year.
My prediction is that sales in the 2nd half of 2010 will begin to slow, with the new HST and High ratio mortgage rules being implemented.