Happy New Year! In Chinese astrology, 2010 is the year of the tiger, signifying 'good fortune'. With all the economic doom and gloom of 2009, we could all use some good fortune. Here's to a year of prosperity, safety and happiness! We were told the recession was over in late 2009, but we will have to contend with yet another new tax (HST) in July. This will create an unknown in terms of the Toronto Real Estate Market. The Toronto Real Estate Board was against such a tax but it was passed by our government and so we will have to live around it. Because of that, it looks like the early quarter of 2010 may see a lot of activity in both resale and new homes (as they will be the hardest hit with the Harmonized Sales Tax). Like the introduction of the Toronto Land Transfer Tax in 2007, any new tax sees a peak in real estate buyer activity. Buyers and Sellers want to avoid having to pay any additional taxes for services rendered so it's likely we will see a flurry of activity in this period. As well, the interest rates remain very attractive. A bonus for Buyers. Hopefully we will see more homes listed in this early part of 2010. If not, low supply and high demand may see the continuation of the 'Seller's Market' for the next few months. Food for thought for anyone thinking of selling! Speaking of food, I hope you enjoyed a festive holiday season and I'll see you at the gym!
Until Spring...
Until Spring...
