The month of May has seen a surge in real estate activity in the GTA. People are asking me on a daily basis 'What's happening? It doesn't FEEL like we are in a recession.' People are buying; homes and condos are selling fast and many of them over the asking price in a short period of time. Despite the gloomy economic forecast by every media outlet and newscast, there is a rational explanation.
For the first time in history, the interest rates for borrowing are at a record low.
Also, many people who feared the looming crisis back in October/November and into the new year may feel a sense of relief in terms of their job security now and when people feel a sense of security it manifests as confidence. Public confidence plays a huge role in any market, and right now it is showing in the real estate market.
So to answer my own question, yes, the market it HOT! How long it will stay that way is anyone's guess but as the old adage goes...strike while the iron is hot. This is especially true for Sellers right now.
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