The April results are in and they show that the real estate market is continuing on its torrid pace with the number of sales up over April of last year and the average price increasing to $517,556.
The fact is that as long as the economic factors of Canada and the rest of the world remain the same, the real estate market will continue to increase, month after month. Will the economic factors change? Yes! When, no one knows, and we definitely do not know if the changes will be negative or positive, increasing demand even further. The long term prediction by the Canadian Government is that the average house of a Canadian home will be over $1.1 million by the year 2036. That is an average over all of Canada, and I am sure Vancouver and Toronto will far exceed that.
While the facts are that the real estate market is hot and a house may sell quickly, it is important to remember that better agents do better jobs. Price is an example. The price a home sells for will differ from agent to agent, based on several factors, major among these is the number of buyers the agent is able to expose the home to. If one agent bring 5 buyers to a house and another bring 20, it is pretty obvious who can the best price and terms for their client.
Proving that agents and companies are not the same is the recently published 2011 REAL Trends Canadian 250 report, a ranking of Canada’s brokerages by total 2011 transaction ends. RE/MAX placed 161 brokerages in the top 250, the closest competitor, Royal LePage, had 23 brokerages, Coldwell Banker 21, Keller Williams 12,Century 21 6, Exit 6, Prudential 5, Sutton 5, Sotheby’s 1. My company, RE/MAX Realtron, was recognized as the number 1 RE/MAX in all of Canada, averaging almost twice as many sales per person as the closest competitors. Company and agent make a huge difference when it comes to selling or purchasing a home.
Despite a strong market, there are still great opportunities for buying investment or rental properties and it is never a bad idea to upgrade your home! If you have any real estate questions or have a friend thinking of buying or selling, please give me a call. I would love to help; after all, you do have a friend in real estate.
Have a great May