US Home Sales Improving

28 May 2008

While our primary focus has been on the Toronto market, and particularly condo sales, the U.S. market is also starting to improve as well.

The National Association of Realtors in the U.S. reported that new sales (pending) increased 3.2% in March over February (less seasonality then Canada) and were up 1% over the same month - March of 2008.

First-Time buyers represented almost half of all buyers in the U.S.! The results look similar to our markets where First-Time buyers are driving the condo market. Affordability is key at this time, but added incentives for these buyers and the fact that younger people seem to have more confidence about the future than people in their forties and baby boomers are also contributing factors.

While their is some economic uncertainty, we can tell you that this is the best time to buy and to be a move-up buyer in the last ten years! Long term, real estate prices can only go up!