Greater Toronto Realtors reported 6,310 sales through MLS in September 2010. This represented a 23% decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year sales amounted to 69,069-up 4% compared to the first three quarters of 2009.
” The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and the first four months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA,” said TREB President Bill Johnston.
The average price for September transactions was $427,329-up 5% compared to the average of $406,877 reported in September 2009. This is an indication that there is enough demand in relation to supply to keep prices on the upswing even though the number of sales are down . Average prices for the year are 12 % higher than the average price for the same period last year.
” Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Manager of Market Analyses.
” It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to income does not allow for an accurate analyses of affordability,” continued Mercer. ” The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price continues to grow.”
Other notable statistics include the average days on the market for September at 33 days compared to 27 days the same time last year. The sales-to-listings ratio for September is 31% which is still technically in seller’s market territory. A ratio from 24%-28% is considered a balanced market. Remember Sellers are looking for market value for their property . I prepare a comparative market analyses (CMA) for all of my clients prior to submitting an offer to determine the property’s market value range.
Remember that real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in many areas including Pickering!!
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* Buying a home is an emotional purchase so don’t bite off more than you can chew. Make sure you keep within your financial comfort zone and prepare your personal budget as a primary step in the home buying process. Here is a link to our budget planner that our clients find extremely helpful :
* Toronto’s house prices have posed an average annual gain of 7.1% over the past 15 years. By contrast the average annual 10-year gain of the S&P TSX is 5.4%.
* Toronto routinely scores among the top five world cities in quality of life . It is in the midst of a second population boom in four decades and in recent years has been among the fastest growing cities on the continent. Canada has an ” open door” immigration policy and roughly half of new Canadians settle in the GTA thus boosting housing demand and home prices. Toronto is a leader in attracting people from all corners of the country and globe. People yearn to live in Toronto because of its diversity of opportunity.
* At $158,242 Windsor scores as the cheapest place nationally to buy a four-bedroom, two-bathroom home according to Coldwell Banker Canada. Detroit is the cheapest place in the U.S.; a ta mere $68,007(U.S.). Vancouver is on another planet where a similar four-bedroom home costs $1,324,000. Vancouver sits at #5 in the North American top 10. In Toronto( including East York, North York, Scarborough and Etobicoke) a four- bedroom home sells for an average of $495,398.
* Canada’s banking system has been ranked the world’s soundest for the third straight year by the World Economic Forum, a Geneva based think-tank. Canada is ranked 10th in the annual listings of competitive economies. Switzerland is first. This is why we are not seeing the same sub-prime problems that exist in the U.S.
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