Toronto, ON

Over 3,600 Sales In November

December 4, 2008 -- TREB Members recorded 3,640 sales in November 2008 from the 7,313 sales recorded during the same period last year in the GTA, TREB President Maureen O'Neill announced today.

The average GTA price in November 2008 was $368,582. During the same period last year, the TorontoMLS system recorded an average of $393,747, and in November of 2006 overall GTA prices averaged $355,727.

The 2008 year-to-date sales for the GTA was recorded at 72,086 from last year's 88,695. The year-to-date GTA average price was $379,489 from last year's $375,445

Within the 416 area (City of Toronto) there were 1,523 sales during November 2008. During the same month last year, 3,426 sales were recorded. The average price in the 416 area was $390,225 compared to $433,859 in November 2007 and $381,188 in 2006.

In the City of Toronto, 28,806 sales have been recorded year-to-date for 2008 from last year's 36,804 during the same time period. The year-to-date 2008 average price in the 416 area is $411,155 from last year's $411,640.

The 905 Region recorded 2,117 sales last month, compared to the 3,887 sales transacted during November of 2007. The average price in the 905 Region was $353,012 last month from $358,391 in November of 2007 and $335,522 in November 2006.

Year-to-date sales in the 905 Region for 2008 were 43,280 from the 51,891 recorded during the same period in 2007. The year-to-date average price in the 905 Region for 2008 was $359,245 from $349,774 in 2007.

Breaking down the total, 1,453 sales were reported in TREB's 28 West districts and averaged $350,199; 629 sales were reported in the 14 Central districts and averaged $473,346; 651 sales were reported in the 23 North districts and averaged $410,253; and 907 sales were reported in TREB's 21 East districts and averaged $295,470.

Median Price

The Median Price for November 2008 was $312,250, compared to $325,000 in November of 2007 and $298,000 in 2006. The YTD Median for the first 11 months of 2008 was $325,000, compared to $318,000 during the same time-frame in 2007, and $300,000 in 2006.

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David Pylyp There IS a silver lining. With all this indecision and doubt, the resale values are holding within a single digit change from last year and still ahead of 2006 for values. Not quite the end of the world that is MEDIA frenzied. So.... would you rather risk, for example $ 8,000 on having an incredible selection of homes? Find an assumable mortgage and save the same $8,000 back? Maybe you have a closing and are short a few thousand. Contact Me.

Consult a professional REALTOR to help you sell your home. Experience is not expensive, Its Priceless.

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If you have purchased in the last few years, you may be looking with a little dismay at the current real estate market.

Canada Mortgage and Housing has issued an economic summary for the Greater Toronto Area (GTA) that is not reflective of the Media Headlines that have the sky falling. look at the facts for yourself, then decide what you are going to do.

Download Complete CMHC report

Re/Max has recently followed with its own forecast for the Canadian Real Estate Market

Download Re/Max Housing Forecast 2009 

I still believe that although we seem to be in a Buyers' Strike,  in addition to being in a Buyers Market, the sales of homes is being watched very carefully by informed and savvy Purchasers that are waiting for the right deals to come along.

We were recently involved in an estate sale in the Bloor west Village, at Bloor and Windermere that brought out 25 showings and 5 offers within 4 days. This is very contrary to the thinking of a Buyers Market. The offers were nonetheless below the asking price. No One was overbidding.  That I think is very prudent on the part of Buyers who are ready willing and able to make offers on property.

The reality is, unemployment is at a steady 6.5% although forecast to increase to 7.0 - 7.2% (Source cmhc)  It may not be nearly as bad as the media predicts.

Experience is not Expensive. Its Priceless.

The Roncesvalles Village street reconstruction is going ahead starting in August '09

While attending the Roncesvalles MacDonell Residents' Association meeting last night, at Fern Public School, the audience was presented with an articulate powerpoint slide show about the reconstruction plans for the main street, Queen to Dundas, that will improve the streetcar tracks, address watermain issues and at the same time with input from the local BIA and residents association deal with beautification.

This is a constantly improving neighbourhood with a strong voice in municipal planning. Issues on the table are the widening of sidewalks to make space for cafe style merchants, pedestrian bump outs ( sidewalks that encroach the roadway) and the greening of the street with new plantings of trees on the west side of the boulevard (where homes are predominantly residential). The elimination of the tree planting boxes will assist the tree's lifespan, enhance sidewalk space and provide storm water run off catchment basins to assist water drainage. All in all, a very detailed and sensible plan of improvements while other work is the cause of the change. They are also addressing traffic flow, bicycle access and snow collection.

As an aside I was thinking about why there is development on the east side of Roncesvalles and not the west. The same applies to the Bloor west Village strip where commercial properties dominate the North side and not the south. Simply SUNSHINE. The stores and business' with premium locations had the afternoon sun to assist their merchant activities. Out for a promenade with the pram? You would prefer the sunny side of the street.

The extension of the boulevard (bump outs) also addressed concerns about pedestrian traffic and the location of Copernicus Lodge (retirement home) and the elders skooting across a busy thoroughfare. The bump outs make the distance much shorter. There are already some curb planted bum outs that exist at Fermanagh and Roncesvalles (Royal Bank) and at the Wright Avenue and Roncesvalles (CIBC).

Another project now nearing completion is the Wabash ParkCommunity Recreation Centre that is opening now and is accepting bookings starting January '09.

The Roncesvalles-MacDonell Residents Association was formed in 1973 and meets monthly from August to May, on the last Tuesday of the month.

If you would like to live in Bloor west Village or Roncesvalles Village to enjoy the sense of community and local vibrance, I invite you to contact me regarding finding you, your home.

Average Days on Market

Condo Units Sold

Average Selling Price