Real Estate market in Toronto is hot and it seems, it's going to continue the same way for some more time. We expect to have a lot more listings next year (2010). The sales at mid October were already 34% up from the same period last year (2008) and the average price up in 17%. Therefore, if you plan to sell your property, this is the time to do it.
The Central Bank of Canada intends to keep the overnight rate (rate used by banks to lend and borrow money among themselves) at 0.25%, which means consumers have more room to negotiate and obtain better rates from financial institutions.
Another strong reason to sell, at least before summer of 2010, is that the Provincial Government of Ontario is going to introduce the 13% Harmonized Sales Tax (HST) which will replace the current 5% GST. The HST will apply to all goods and services (except, I think, diapers and baby food).
In a real estate transaction, the HST will apply to Lawyer's fee, Real Estate Commissions' Fees, Home Inspection's Fee and Moving expenses' fees, increasing thus the expenses associated to the sale of your property.
