Can this ride continue?

Well as we near the end of May, it would appear there is no end in sight to the bidding wars, multiple offers and craziness in the real estate market.

I have been asked numerous times, do I see an end in sight?  Will this last?  What will happen IF ….

ALL of these are valid questions.  I too am asking myself, how long can this continue.  Homes are selling for record high prices.  Homes that last year in Pickering were 400 and 500 are now selling for up to 100K more.

Is it because the Toronto market with the double land transfer tax has forced people to come East to Pickering and Ajax and drive up the home prices? Possibly…. or is it that Pickering and Ajax home prices were the slowest to increase in the past years and now are playing catch up.  Maybe !

With interest rates at an all time low, I have wonder what would happen if the rates went up, even 2% over the next few years… could people afford to pay their mortgage if it doubled?   I don’t know, I guess it would depend on income, down payment and debt.   I just keep scratching my head on this one.

They say the rates are not going anywhere, anytime soon.  So can the prices keep continuing to escalate… at such a fast pace.   Some say they will.  Others are skeptical that this can last.  It definitely is a Sellers market here in GTA and Durham.

As long as the rates stay manageable and the market is strong with Buyers out in droves, things will continue to flourish.

If for some reason, the markets takes a small correction, all you have to do is ride it out.  It eventually rallies back… like it did in 1990… my fear is the people that cannot ride it out.  Then what?  Power of Sales will pop up more and more.  Let’s face it, if you bought with 5 or 10% down and prices take a dive, what equity do you have … unless you can “HOLD” for the time it takes to ride it out, many people will end up walking away… am I making sense?   Sometimes I think faster than I type.  LOL

Well just take this as a warning.  When buying or selling, hire a full time professional who knows the market and prices and will protect your interests. That is all that concerns me with my clients.   Yes, enjoy the new found money when selling at all time highs but remember you have to buy too and then the shoe is on the other foot.  So think it through and talk to your local Real Estate professional and figure out the best strategy for you.

Should you need direction or have questions about the market or neighbourhood sales, call me.  I am always thrilled to talk to real estate.

Have a super evening and enjoy the market everyone…may it long continue to thrive and prosper.

And for those sitting on the fence, remember this – never have I heard people lose money on real estate.  My parents paid 16K for their first home and it is worth about 800K… just be smart, maximize your equity and remember, you can’t live in a Mutual Fund !  LMAO

Cheers xo

Mid Month TREB Market Share for Jan 2014

Greater Toronto Area #REALTORS® reported 1,287 transactions through the TorontoMLS system during the first two weeks of 2014. This result was down by approximately eight per cent compared to 1,396 sales reported during the same period in 2013. New #listings entered into the system were down by a greater 20 per cent year-over-year.

See full information and stats here:

TREB 25/50 Year Dinner

Always a pleasure being involved with TREB and these photos were taken at the 25/50 Year Dinner forTREB members in the business 25+ years.  The Board was very pleased with the turnout and the event.

 Members came from all over GTA to meet their old colleagues and new ones.  Dinner and entertainment was provided and everyone really seemed to enjoy themselves.   Diane Usher, TREB President presented awards to 50 Year Members.  It was a lovely evening and I was happy to be a part of it.

I feel so blessed !! I have the most awesome clients !

I can’t tell you how great it makes me feel when my clients take the time to write a testimonial for me.

This one is just in:

We met Michelle when she was finding a home for our son. We were immediately captivated by her energy and infectious attitude. We hired her to find a house for our daughter and we zeroed in on her first recommend. That’s how effective Michelle is. She listened to our requirements, assessed our needs, and was readily available for house visits and inspections. She is a no nonsense straight shooter, and very willing to share critical information. We found her to be knowledgeable, and highly resourceful.

THANK YOU SO MUCH !!!!!  The Pleasure was all mine Joan and Richard.

NEW LISTING – 39 Rex Tooley Lane, Courtice $399,900

39 Rex Tooley Lane, Courtice
Prime Courtice Location!   This 3 Year Old, Quality Built Halminen 4 Bdrm, *Energy Star* Home Is Ready For You!
Clean And Well Kept. Open Concept. Main Floor Is Perfect For Entertaining. Master Bedroom Has W/I Closet And 4 Pc Ensuite Bath W Separate Soaker Tub. 2nd Floor Laundry And Main Floor Mud Room. Fenced Backyard, Paved Driveway, Central Vac, A/C. Close To All Amenities.

To book a showing call me and I would be happy to make those arrangements.  Cheers !