Though not scientific, reports like this are important for prospective home-buyers to keep in mind when considering paying above “market-value.” This is especially relevant in a multiple offer situation where a competitively priced home is almost certain to sell for more than asking.
“Garry Marr, Financial Post · Dec. 7, 2011 | Last Updated: Dec. 7, 2011 5:15 AM ET
Even one of Canada’s leading real estate companies agrees the rising housing market may not appear to make much sense. But appearances are deceiving and Re/Max LLC says both sales and average prices will continue to climb in 2012. “Canadian residential real estate defied conventional logic and outperformed expectations in 2011,” the company said in its year-end report on the market. Re/Max expects 2011 to end with prices up 7% and a $363,000 average home nationally. The market won’t be as robust in 2012 but consumers can still expect another 2% increase in prices, Re/Max said. Sales for 2011 are forecast to rise 3% from 2010 as 460,000 homes change hands by yearend. For 2012, less than a 1% increase in activity is expected.”
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Toronto Real Estate Board - IDX Last Updated: 11/15/2018 1:14:59 PM