Here are the weekly sales for resale transactions in Toronto and the GTA for the week ending April 16, 2009. The most current market statistics can be found on my website, www.gtamoves.com or www.vitopirri.com .
| April 16, 2009 | |||
|
Region |
Area Sales |
Av. Price |
|
|
East |
343 |
$305,933 |
|
|
West |
615 |
$377,547 |
|
|
Central |
288 |
$486,601 |
|
|
North |
324 |
$416,460 |
|
|
Total |
1,570 |
$389,936 |
Rumour has it, that a property on Escobar Crescent in the Britannia Road and Mavis Road area has received 22 offers. So many have been received in fact, that the listing has been suspended so the seller can properly review all the offers. The property was "special", in that it is a home that has pretty much been taken back to the rafters due to water damage. The property is fire sale priced at $299,000.00 (in "as is condition"), is a power of sale, and is located in a well established neighbourhood. Anyone can make this their dream home. Since it has been taken back to the studs and floor boards, you can finish it any way you want, probably even remove stud walls for a fraction of the price, even if you need to put up a new support beam. The lowest price other properties have sold for in the immediate area in the past 6 months range from $370,000.00 to $445,000.00.
Whoever purchases the property has a unique opportunity. I will follow this to see if the sold price is posted once it sells!
You can always find what you need at my website www.gtamoves.com or www.vitopirri.com .
For the most up to date information, visit my webiste www.gtamoves.com or www.vitopirri.com
Now is the best time for first time buyers to jump into the market. The first time buyer's market in Toronto, Mississauga and the GTA is hopping! Whether you're considering the purchase of a home or condo, properties geared towards first time buyer's are selling quickly and at times in multiple offer situations! Though this is occurring in some areas (Mississauga, parts of west Toronto and East York, for example), the sold prices are not going through the roof. If a first time buyer property is selling with multiple offers, the sold prices have generally been full price and not more than $1,500.00 over asking. Also, these homes are still being sold with finance and home inspection conditions. First timers are taking advantage of all the first time buyer programs available to them. For example:
You know now is the time to buy. If First Time Buyer demand continues this strong, prices are more than likely going to start creeping up. Contact me, I'd be happy to help you in your search.
Here are the March 2009 results for home sales in Toronto and the GTA. The first half of April, 2009 results are also posted on my website on the Market Watch page. Those results continue to be favourable. The most current stats can be found on my website www.gtamoves.com or www.vitopirri.com .
TORONTO, April 6, 2009 - In March 2009, Greater Toronto REALTORS® reported 6,171 sales - down seven per cent form March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 - down less than five per cent from the same month last year.
"The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months," commented TREB President Maureen O'Neill.
"In fact, over the past two months, the situation in the housing market has improved." The seasonally-adjusted annual rate of sales increased to 65,600 in March - Up 36 per cent form the ten-year low reached in January."
"Sales in March increased at a rate over and above what would be expected from the normal spring-time bump," say Jason Mercer TREB's Senior Manager of Market Analysis. "A greater number of households have taken advantage of increased affordability in the housing marketplace."
The median price in March was $317,500 from the $326,000 recorded in March of 2008.
Summary of March MLS Sales and Average Price 2008-2009
March 2009
City of Toronto (416): 2009 Sales=2,398 2009 Avg Price=$387,793 2008 Sales=2,527 2008 Avg Price=$404,652
Rest of GTA (905): 2009 Sales=3,773 2009 Avg Price=$345,689 2008 Sales=4,104 2008 Avg Price=$370,274
GTA: 2009 Sales=6,171 2009 Avg Price=$362,050 2008 Sales=6,631 2008 Avg Price=$380,338
The real estate market appears to be heating up. In fact in some areas it's quite robust with some multiple offer situations; I have seen it happen recently in Mississauga, North Toronto and East York. In fact in Northwest Mississauga (W20) for the period of April 1-7, 2009, the average sold price for all transactions (condos and freehold) was $390,207.00. The average sold price for the same period in 2008 was $367,911.00. Another example is in Etobicoke from the lake up to Hwy 401 (W6, W7, W8, W9), the average sold price for the period of April 1-7, 2009 for all transactions (condos & freehold) was $459,519. The average sold price for the same period in 2008 was $449,279. North of the city in the Richmond Hill area (N3, N4, N5), the average sold price for the period of April 1-7, 2009 for all condo and freehold transactions was $441,738. The average sold price for the same period in 2008 was $437,105. In East York (E1, E2, E3) the sold price for all transactions, condo and freehold for the period of April 1-7, 2009 are down to $395,637 from $447,843 for April 1-7 2008, but sales are slightly ahead of last years pace. From April 1-7, 2009 there were 77 sales while from April 1-7, 2008 there were 71 sales. Here's an example of a big jump in prices. In North York, the area bounded by Hwy 401 on the south, the York region border to the north, Yonge Street to the west and Victoria Park Avenue to the east (C12, C13, C14, C15) the average sold price for the period April 1-7, 2009 was $553,016 compared to $466,596 for the April 1-7, 2008 period. However, sales for the same period are lower; 65 for 2009 vs. 92 from 2008. In North Toronto and Leaside (C10, C11) sold price was down to $612,832 for April 1-7, 2009 from $643,573 for April 1-7, 2008. However, the number of sales were pretty much even with 25 from April 1-7, 2009 vs. 28 from April 1-7, 2008. Downtown Toronto was weak for some reason during this period. For the period of April 1-7, 2009 there were 50 sales with sold prices averaging $364,264 vs. for the period April 1-7 2008 where sales totaled 98 and the average sold price was $395,179.
Granted one week does not a trend make, but it does show signs of stability in the real estate market. It appears that those who have been sitting on the fence have started to jump down and get into the market. While there have been recent layoffs, there are still thousands of people with secure jobs and they are coming back out. It may not be the time wait and see, if you are considering a purchase. By the way, I'd be happy to help you sell your current and/or help you find your next home!
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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