Toronto’s real estate market leaned more towards buyers than sellers during the month of August, according to recently-released data from the Toronto Real Estate Board.
According to statistics, sales of apartments were down by 24% from August 2011 while active listings experienced a 21% increase for the same period.
Toronto isn’t the only major Canadian market to become a buyer’s market. The Greater Vancouver Area has also made the same transition, as listings within that city have reached an all-time high since the recession. Listings in the GVA currently amount to more than tenfold the number of sales made in August.
Although listings in Vancouver jumped by 14%, overall sales experiences a 31% drop. In addition, sales of apartments in Vancouver dropped in August, falling 24%.
Investors looking to add to their portfolios should exercise caution before deciding to make any major purchases in either of these markets. Those wishing to sell off some of their properties may find that now is a good opportunity to do so before the market conditions change again.
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