Many of you are asking me how prices will do this year, will the market keep going or finally take a dive. I have been telling my clients for over 7 years now to buy as much as you can downtown and just wait to see what happens. Don't listen to the radio, t.v. etc. They only talk about the bubble and how it will burst. What BUBBLE? Some people ended up selling and ended up renting only to find rents going up like crazy and condo prices out of reach now.
If anything, we have a shortage of good quality homes, hence the bidding wars everywhere, some places have had up to 48 offers in one night. I should know, I was there. I say that condo sales and prices will again break records this year. Oh yes, many of you are worried about the land transfer tax, well the G.S.T. went down to 5% as well. Some banks will pay your land transfer tax difference.
And really, when you can make $10-20,000 in a week on a condo, is the extra few thousand really going to scare you off? I love resales, I love making my investors money on the projects I get them into.
There are so many people moving downtown from immigration, small towns, re-location, etc. and we are either going to sell or rent to them. We are still a great value, cheaper than Vancouver and Calgary, so plenty of room for you to grow.
Please feel free to ask any questions, I will update this blog weekly.