Frank Steinhausen, Broker
FSteinhausen@REMAX.net
RE/MAX Rouge River Realty Ltd., Brokerage
Phone 905-428-6533
Fax 905-668-1850
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Archive for April, 2008
South Pickering Market Update: Market Holding Steady
April 7th, 2008 Categories: Durham Region, Pickering, Real Estate News
As I drive around the neighbourhoods in South Pickering, I do see some listing activity. I also know from talk around the water cooler that there are some antsy sellers out there. Things just seem a little slow.
After looking at all the statistics, I can tell you that the real estate market seems to be doing okay. Compared to last year, which was the best all-round year yet, we are on par. There were 26 sales of resale homes this March and 22 sales last March.
The average price of homes sold in the month of March doesn’t tell us much looked at in isolation. The average price of homes sold was $260,200. The average price for all homes sold this year in South Pickering was $280,779. This just means that lower priced homes were selling.
With the snow gone and the grass greening up, we expect the buyers to come out with the sun. A word of caution, buyers are educated to house prices too.
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GTA Resale Housing Sales Ease in March
April 4th, 2008 Categories: Ajax, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
TORONTO, April 3, 2008 — Low inventory levels kept the Greater Toronto Area resale housing market brisk but well off record levels last month, Toronto Real Estate Board President Maureen O’Neill announced today.
“Overall sales in the GTA declined 22 per cent compared to March 2007, 27 per cent in the City of Toronto and 18 per cent in the 905 suburbs,” said Ms. O’Neill. “It’s important to recognize though, that despite the worst winter in decades, 6,631 homes changed hands last month in the GTA and that is still a significant number.”
Diminished listing inventory, which at 20,533, was down six per cent from a year ago, kept prices strong in March.
Compared to last March, the average price in the GTA rose four per cent to $380,338 and two per cent in the City of Toronto to $404,361.
As well, a few neighbourhoods experienced increased sales activity last month.
Bowmanville (E17) saw a three per cent increase in transactions compared to March 2007, driven primarily by strong detached home sales.
Sales in Burlington (W25) were up 18 per cent compared to a year ago, with brisk activity in most housing categories.
Thorncliffe Park (C11) saw a six per cent overall increase in transactions, based mainly on semi-detached sales.
Increased semi-detached transactions also drove sales in Georgina (N17) up one per cent compared to last March.
Ms. O’Neill says March’s moderate performance isn’t disquieting given that Canadian economic fundamentals are holding steady.
“Forty per cent of international households that come to Canada settle in the GTA, giving us robust immigration evels; employment and wages continue to be strong; borrowing costs remain at historically low levels and there is a wide variety of mortgage products from which to choose,” she said.
“This means that there is a steady demand for housing and consumers should have the financial resources to buy homes; with such pent-up demand it is an excellent time to sell your home.”
“We remain concerned about the land transfer tax in Toronto and the economic slowdown in the United States,” added Ms. O’Neill. “Home sales in the City of Toronto spiked towards the end of 2007 probably in a bid to avoid the Toronto land transfer tax, but have since dropped off since the introduction of the tax.”
Go to the source the Toronto Real Estate Board.
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