Despite serious economic woes worldwide, Toronto real estate seems to "keep plowing ahead unscathed" as reported by Susan Pigg of the Toronto Star ( Nov. 16, 2011).
***At a recent real estate training course, a fellow realtor shared that a new listing in the Beach area drew in 170 visits in a weekend Open House. Needless to say, the house sold quickly.
*** 16: The number of bids on a detached home in Toronto's Yonge-Davisville and sold 17% over asking price.
*** Prices in the GTA are up 8% over prices at the same time last year.
Putting all these into proper perspective, the stories just mentioned above represent pocket areas in the city that are experiencing high demand but the rest of the GTA tend to be on track along with the nationwide stats which show that prices have gone up by 5.5% over last year and the MLS system so far this year is up 1.8% over last year in the number of homes sold.
Realtors continue to see "cautiously optimistic" homebuyers who are encouraged to get into the market because of low interest rates and Canada's resiliency through the global economic crisis.