New figures have been released showing a more comprehensive snapshot of what the housing market is like in Toronto. According to the Toronto Real Estate Board (TREB), the data recently received shows that it is actually taking a longer period of time for a home to sell than previous data indicated. Eleven more days to be exact.
In 2003, that figure was 8 days. Realtors also didn't have the most reliable information regarding those properties which were listed and relisted again which is important for realtors to know. Relistings show the health of the market. The more relists there are, the more stress the market is bearing.
By filling in the data gaps, realtors gain a better understanding of the market. Now, as well as listing days on market (LDOM), realtors will have access to data regarding property days on market (PDOM) which will show how volatile the market is. This type of information also makes it easier for realtors to market properties.
Having data that shows a more realistic picture of the real estate market is helpful to both buyers and sellers. A Vaughan area lawyer experienced in real estate law may be able to better able to assist clients when he or she has a clearer picture of the overall market as well. No matter what the market is doing, a lawyer will always have the best interests of his or her client in mind when offering advice and guidance on what are likely to be the most costly purchases of a client's life.