The numbers out of the Toronto Real Estate Board for September, 2019 were nothing less than spectacular and they were trumpeted throughout the countryside by many an agent and news feed!
Sales were up a whopping 22% over September 2018 across the GTA. A friend of ours in Port Perry, where we live, told us an agent in town mentioned sales were up 22% when they were talking about the market. The only problem is, it isn’t true.
Well, it isn’t true for Port Perry. I’ve said in the past that real estate is a local game. What’s true for the GTA may not be true for where you live. What’s true in your town may not be what’s true in your neighbourhood. So if you really want to be smart about what’s being reported, you need to drill down and you need to know how to ask the question. Like, what’s happening in our area? What’s happening in my neighbourhood, or on my street? Yea, that’s how local it gets.
While the GTA enjoyed a 22% increase in sales in September 2019 over September 2018, Durham Region did even better with a 23.7% increase over that same period! BUT in Port Perry, sales for the same time period, September 2019 vs September 2018 were down 3.6%. That’s a big negative -3.6%. On the face of it, this local agent provided inaccurate information by insinuating sales in September were up 22%. They were across the GTA but not in Scugog Township but this wasn’t mentioned in the conversation.
This is how Real Estate Myths spread amongst the public. If I live in Port Perry, my house is on the market and not selling and a respected agent tells me sales were up 22% last month, I’m going to think my agent is doing something drastically wrong. Never mind that in this market sales actually decreased 3.6%. This agent is both sloppy and misleading in how he quoted, or failed to explain the numbers properly. And being an experienced and sought out source of information, he/she should know better and behave more professionally.
Sort of like the other agent who tells people “if you don’t list your home with a local agent, all the local agents will boycott your listing.” But that’s another myth.