The percentages of homes selling in specific price ranges in the Toronto real estate market. For the most current statistics, visit my website www.gtamoves.com or www.vitopirri.com
The Toronto/GTA Real Estate Market posted it's first year over year gain since 2007 as May 2009 put in a strong performance. Prices are down, but only very very slightly.
Actually, the market started to show signs of life in February and has been gaining momentum since. The summer should carry it's usual slow down, July and August are normally very slow. However, if the market continues its momentum in the Fall, then I think we have a real recovery on our hands.
Click the link that follows to view the report on my website www.gtamoves.com, or cut and paste into your browser's address line: http://www.gtamoves.com/Market_Watch/page_2168648.html
Here is quite an interesting report from Remax detailing how "Generation X" purchasers are ready to jump up and replace the "Baby Boomer" as the major purchasing force when it comes to buying recreation properties.
It's a good read!
Click the following link or copy and past to your browser address line:
http://www.remax-oa.com/MediaNewsroom/Pages/ReadMore.aspx?ItemID=48
Here are the end of April resale stats for Toronto & the GTA. The May mid-month stats are posted on my website, www.gtamoves.com or www.vitopirri.com .
Greater Toronto REALTORS® report 8,107 Resales in April.
Toronto, May 6, 2009 - In April 2009, Greater Toronto REALTORS® reported 8,107 sales - down seven percent from April 2008. Wile April sales remained lower than last year, the resale housing market gained momentum on a month-over-month basis. The seasonally adjusted annual rate of sales in April, at 80,900, was up 26 per cent from March and up two-thirds compared to January's ten-year low.
"Conditions in the resale housing market have improved markedly this spring," according to TREB President Maureen O'Neill. "Home purchases have increased as household have taken advantage of low interest rates and slight lower home prices."
The average price for April transactions was $385,641 - down three per cent from last year.
"The rate of average price decline continued to diminish last month. This is due in large part to a tightening in the resale market," stated Jason Mercer, TREB's Senior Manager of Market Analysis. "The level of sales relative to new listings increased in April."
Summary of April Sales and Average Price 2009 -2008
City of Toronto ("416"): 2009 Sales = 3,222 Avg Price = $421,470 2008 Sales = 3,467 Avg Price = $446,781
GTA: 2009 Sales = 8,107 Avg Price = $385,641 2008 Sales = 8,762 Avg Price = $398,687
Rest of GTA ("905"): 2009 Sales = 4,885 Avg Price = $362,009 2008 Sales = 5,295 Avg Price = $370,274
Remember I posted the above about a month ago? It was a power of sale property. I confirmed, that it did indeed receive 22 offers and it was conditionally sold. The property was located on Escobar Crescent in Mississauga.
It appears the deal has fallen through as it is for sale again. However, there was so much interest at the list price of $299,000.00, that the price has now been increased to $329,000.00. It will be interesting to see what happens now.
If you would like to see the listing on STRATUS or realtor.ca, the MLS number is W1588447.
A brokerage located in west Toronto serving the entire GTA with a group of professional agents on the largest Real Estate Network in the world, Re/Max!
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