During the first two weeks of June 2010, there were:
4,139 sales
20% decrease compared to the 5,185 sales recorded during the same period in 2009
New listings increased by 21% annually to 7,985
pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010
average price for June mid-month transactions was $437,039, up 7% compared to the average of $407,716 recorded during the first 14 days of June 2009
seller’s market conditions experienced during the first few months of the year have given way to more balanced conditions
Home buyers are experiencing more choice-with more choice in the market place, price growth is starting to slow
Spring Market Heats Up....Race to Beat the HST...
RECORD FIRST QUARTER SALES FOR 2010
There were 10,430 sales reported through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 - the best result on record under the current Toronto Real Estate Board (TREB) boundaries.
The average price for March transactions was $434,696. The average price for the first quarter was $427,948.
The number of new listingsgrew by 42 per cent compared to March of 2008.
I've been seeing an increase in new listings and expect that to continue throughout the spring. Are you noticing more signs on lawns? This will finally give buyers more choice and perhaps an end to multiple offers. I'm already aware of many homes currently for sale that are NOT holding back offers. Given all this information, I believe the result will be single digit growth in the rates of the average house price by the end of 2010.
For more detailed information about sales in your neighbourhood, please click on this link:
With all this market activity, Buyers and Sellers seem to be trying to avoid the HST. Please see below for the most important information regarding purchases and sales.
Are interest rates going up? Yes, but should we panic and lock-in? I haven't and I won't---not yet anyway. The rates are still excellent and I'm going to ride the variable wave a bit longer with a "wait and see" attitude.....who benefits when you lock in? The BANK!
HST RULES
The HST is NOT YET IN EFFECT. The provincial government has indicated that it intends to bring the HST into effect beginning on July 1, 2010; however, note transition rules below.
HST will not apply on the purchase price of re-sale homes.
HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.
HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system
Curious about a house in your neighbourhood? Call or e-mail me and I'll provide you with detailed information.
Do you know a friend, family or co-worker who's thinking about buying or selling? Please introduce them to me. I promise to provide them with first class service!
Have a great week and check back often for news and views about our Toronto Real Estate Market.
2009 Toronto Real Estate Summary
87,308 transactions took place in 2009 - a 17% increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.
"After a slow start to the year, existing home sales rebounded during the second half of 2009,"said TREB President Tom Lebour. "As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada."
The average home price in 2009 climbed four per cent to $395,460 however, the average price for December transactions was $411,931.
So What Does This Mean For 2010?
In my opinion, the interest rates are what continue to drive our market here in Toronto. The lack of homes for sale, however, is what has been pushing prices upwards.
The Toronto Real Estate Board is predicting an increase in the number of listings for the spring market and I certainly hope this is correct. We have had so many frustrated buyers who've lost out in multiple offer situations. If the available homes continue to remain at these low levels, prices will continue to climb.
So if you're thinking of selling, this spring is an excellent time to do so. The buyers are out there!
I've heard the warnings about interest rates rising and I do believe that they can't stay this low forever.
Having said that, I purchased a home this past autumn and I chose a variable rate because history has shown it to be a better choice over the long term. If you have to lock in at 5%, that's still so much better than where we were in the '90's with rates as high as 14-15%!
***If you want more information on a particular home that's currently for sale or sold in the past, just e-mail me the address and I'll look it up for you***
Coming Soon.....video blogs.....frequently asked questions answered.....ideas on prep & sell.....how to be prepared for multiple offer situations....up and coming neighbourhoods....
2009 Was Just Fine!
After a very slow start at the begining of the year, 2009 is turning out to be another record year in Toronto Real Estate.
In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales - up 84 per cent compared to the first two weeks of November 2008. The average price for these transactions was up 10 per cent year-over-year to $415,066.
Increased interest in ownership housing has been widespread throughout the GTA and across all housing types," said Toronto Real Estate Board President Tom Lebour. "However, it is important to point out that we are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price"
Year-to-date sales, at 78,233 are up 11 per cent compared to 2008. Average price, at $393,180, is up by three per cent.
"Sales and average price in the GTA this winter will be well above levels reported throughout the fourth quarter of 2008 and the first quarter of 2009," according to Jason Mercer, TREB's Senior Manager of Market Analysis.
Stay tuned for a wrap up of 2009 sales figures coming in January and a look at how the new HST will affect real estate prices and the businesses connected to it.
My very best wishes to you and your family this holiday season and a sincere thank you to all my clients who I had the genuine pleasure of working with. The most wonderful part of my business is creating lasting relationships with people who start out as clients and become my friends. I am truly blessed!
Merry Christmas and may 2010 be happy, healthy and prosperous for you.
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
Home value sometimes referred to as "Value in Use", is best described as the probable price at which a home trades in a free, competitive, and open market and is synonymous with the market value.
SELLING YOUR HOME ON YOUR OWN - OR USING A REAL ESTATE SALESPERSON
If you have decided that now is the time to sell your home, you might be thinking: should I hire a Real Estate Sales Representative or do it alone. Have you ever considered repairing your own car? Anyone can buy the tools and parts. However, most of us just do not have the knowledge, training, experience or the expertise and commitment of time to do the job properly. Besides, there are plenty of experienced professionals to do the work for us.
When should I sell my home? Your answer to this question might be right now! If you have taken a job in another city or made an offer on a new home, or had an addition to your family, selling your home fast might be the most important goal you have. Most people, however, have some flexibility when they sell their home. Let us take a closer look at the most important factors that can go into this decision.
HOW REAL ESTATE MARKET CONDITIONS AFFECT YOUR OFFER PRICE
A hot market is a "seller’s market". During a seller’s market, properties can sell within a few days of being listed and there are often multiple offers. Sometimes homes even sell above the asking price. Though most buyers want to get a "deal" on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
