Real Estate Market Update November 2016
The Toronto real estate market continued its torrid pace with the sale of 9,768 homes. The largest annual rate of sales growth was in the condominium apartment market segment, primarily due to the affordability factors, as other home types prices continue to move out of the reach of some first time buyers.
The big news in October was the CBC’s Marketplace hidden camera expose of real estate agents. They found some agents would break the rules by offering unfair advantages to potential clients in an effort to secure both ends of a deal (double enders) meaning the same agent represents both the buyer and the seller.
This type of action is despicable. Not only is it unethical, but is unfair to other buyers who are blocked from buying the property and costs the seller many thousands of dollars. Houses that are sold overnight by the listing agent (double ended) are all suspect of this behaviour. If an agents says they double end more than 15% of their own listings, beware!
Ethics, honesty and integrity are critical in all aspects of life. If you are looking for someone to protect your interests and treat you like family, here I am!
While the average prices continue to rise, it’s still a good time to buy as rents have increased as well and that helps as an additional income source as well as makes for a great investment. Give me a call, I am never too busy to chat or for your referrals.
Have a great November,
Your Friend in Real Estate