the Spring Market - part 3

This morning I attended a breakfast meeting held at the Four Seasons Hotel for the top producing sales representatives who work at REMAX Hallmark Realty Ltd. When I started in this business four and half years ago, I didn't see myself sitting in this room with all of these top producers - but here I was - me! It kind of put 2007 into perspective - and you suddenly, realize that you had a great year. I want to thank all my clients who referred me business last year and who continue to refer me to their family, friends and colleagues. THANK YOU!


The highlight of the morning was our guest speaker - an economist from TD Canada Trust.

The long and short of his speech - in spite of what you hear in the news, the Canadian Economy is in good shape. While there is undoubtedly going to be some impact on our economy after the housing market meltdown in the USA, in fact, Canadian employment is good shape; wages increased higher than inflation creating surplus cash in people's pockets; and, the forcast for interest rates is that we could see a drop in the prime lending rate of 150 basis points (1.5%) by the end of the year.

While some communities in Ontario - especially those tied to manufacturing and exports to the USA - will be hardest hit by the "recession" in the USA, Toronto's economy and housing market should continue to be robust.

On Tuesday evening, I was one of five agents who had prepared an offer on a cute semi-detached home in East York. Unfortunately, my clients offer was not successful. Some agents continue to underlist properties to create bidding wars. In my opinion, this home could have been listed for $30,000 more than was posted. It would have eliminated a few offers I suspect and may have given my clients better odds. Regardless, there will be more listings on the market soon enough. The warm weather has definitely helped bring more inventory to the market.