When I first entered real estate sales, the market was certainly cyclical. It started mid-February and finished by the end of June. Everyone either worked part time over the summer or took the summer off. The market then resumed for the first of September and ended November 30th! Everyone then enjoyed another two month holiday.
Over the last few years, RE/MAX Condos Plus’ busiest months have been July and October! Where the first six months of the year accounted for 55-60% of annual sales, now the number is 50-52%.
The experts predicted a big drop off in July with the HST introduction and the fact that supposedly all the Fall sales moved forward into the Spring market. So Realtors were already for our summer break – we had not experienced one in the last seven years. Surprise! We are still busy. Yes a lot of inquiries are about renting condos but our market remains active. Our guess is that the condo market will remain active for the balance of the year. NO MAJOR PRICE CORRECTION. Prices in some condo buildings will decrease (buyers have more choice) and an oversupply of listings will occur in some neighbourhoods. But at the same time, prices will actually continue to increase in the most popular condo buildings and neighbourhoods where new condo buildings are not being completed this year.
So it looks like Toronto Realtors will not be getting an extended summer holiday again this year!!