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 the 'Selling real estate' Category
Heated housing activity throughout 2009 lends little air to bubble theory in the GTA, says RE/MAX
January 28th, 2010 Categories: Real Estate News, Selling real estate
Despite limited inventory levels in the Greater Toronto Area (GTA) in the latter half of the year, double-digit price appreciation failed to materialize in the single-detached housing category in 2009, says RE/MAX Ontario-Atlantic Canada.
Single-detached housing values remain slightly off peak 2008 levels in 27 per cent of TREB districts
Mississauga, ON (January 28, 2010) Despite limited inventory levels in the Greater Toronto Area (GTA) in the latter half of the year, double-digit price appreciation failed to materialize in the single-detached housing category in 2009, says RE/MAX Ontario-Atlantic Canada.In fact, an in-depth analysis by RE/MAX of 63 districts within the Toronto Real Estate Board found that detached housing values in 27 per cent of districts remained slightly off 2008 levels, while 57 per cent reported price appreciation of less than five per cent in 2009. Sixteen per cent of districts recorded an increase in average price in excess of five per cent. No double-digit gains were noted.
There is simply no evidence of a housing bubble,’ says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. While sales were up considerably over one year agoand supply was tight in many of the city’s hot pocket areasthe expected surge in average price did not occur. Buyers remained cautious in their pursuit of homeownershipwith most unwilling to overpay for the privilege.
While one quarter of all TREB districts saw prices in the detached housing category soften in 2009, just over half declined by less than two per cent. Those that saw prices fall by more than two per cent were primarily upper-end neighbourhoodsthe vast majority located in the central corewhich were slower to rebound once the market regained momentum. By year-end, however, sales in all of these areas posted double-digit growtha fact that clearly indicates a greater number of transactions at the lower end of the price spectrum. Inventory may have also played a role as sellers held off listing their luxury properties until market conditions improved.
Leading the GTA in terms of price appreciation was South Pickering (E12) where the average has risen 9.4 per cent to $358,493; Malvern, Hillside, Rouge (E11) takes second place with a 7.3 per cent upswing to $368,095; North Pickering (E13) was ranked third with values climbing 7.2 per cent to $396,973; fourth spot goes to Port Credit (W12) in Mississauga where values have climbed seven per cent to $614,144; and rounding out the top five — the lone downtown Toronto district –was Riverdale, Leslieville (E01) where prices escalated 6.7 per cent to $522,017. Ballantrae, Cedar Valley (N13) ranked sixth with a reported 6.4 per cent increase to $662,268. In seventh place is Richmond Hill North End (N05) with a 6.3 per cent increase in average price to $574,642. The Applewood, Rathwood neigbhourhoods (W14) in Mississauga ranked eighth in terms of price appreciation, rising 6.1 per cent to $505,994, while Markham (N10) claimed ninth spot with a 5.3 per cent escalation in detached housing values, bringing the average to $510,268. Bathurst Manor, Armour Heights (C06) in the city’s north end secured tenth place with a 5.1 per cent upswing in average price to $597,025.
The East clearly dominated the top five and affordability factored in heavily, with single-detached homes in both Pickering districts and Malvern, Hillside, Rouge, priced under $400,000. Young families most buying their first home — were attracted to communities like Riverdale and up-and-coming Leslieville, while move-up buyers looked to Port Credit, which has steadily increased in popularity in recent years.
First-time buyers were a driving force throughout much of the year, but their role was most noticeable in early 2009,’ says Polzler. Almost one in every two homes sold was priced under $400,000 in the first quarter of the year. An entirely different picture emerged in the final quarter when just one-third of homes moved under the $400,000 price point.’
As the move-up segment swelled, so too did demand for more upscale properties across the board. Yet, despite the upswing, average price registered only a small percentage increase. In the central core, for example, where the average price ranges from $572,529 in Don Mills to as high as $1,717,190 in Rosedale, overall values rose one per cent to $919,838, compared to 2008. Unit sales in C-district jumped 31 per cent to close to 4,000 units.
The number of homes sold in the city’s north end saw the greatest percentage increase at 32 per cent to 8,843 units. Average price in North district, which ranges from $398,864 in Newmarket to $700,499 in King City, rose two per cent overall to $555,616. Housing sales climbed in the west, where values range from $298,136 in Brampton to $790,060 in the Kingsway, by close to 19 per cent to 12,453 units. West district’s average price rose a nominal 1.5 per cent to $467,227. The increase in sales was more moderate in the East End (including Scarborough and Pickering, Ajax), where values range from $325,393 in Bendale, Woburn to $691,128 in the Beach. The number of detached homes sold increased 15 per cent year over year to 6,690. Average price in East Toronto rose 2.6 per cent overall to $400,813.
After a dismal start, the stats confirm that 2009 returned to the healthy, upward trajectory that we have followed for much of the last decade,’ says Polzler. We see detached homes continuing on that course in 2010, with moderate gains expected. The detached housing category continues to be a solid gauge of the market’s overall performance, accounting for approximately half of the activity in GTA.’
RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 677 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.
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For more information:
Christine Martysiewicz
RE/MAX Ontario-Atlantic Canada
905.542.2400
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Dress Up Your Home For A Successful Sale
December 22nd, 2009 Categories: Selling real estate
by Michelle Warren, Bankrate.com
Homeowners have two primary goals when selling a house: Do it quickly and for the highest amount possible. They are obvious objectives, but not always easy to achieve.
House hunters are increasingly savvy and, with the huge popularity of home makeover shows and decorating magazines, expectations are getting higher and higher when it comes to the design and maintenance of a prospective house. Does yours have what it takes to pique interest and spark a bidding war?
Not everyone is born with great taste or the vision to create a model home, but everyone wants to make top dollar when it’s time to sell. That’s where professional house dressing or staging comes in.
The practice — which involves everything from tweaking decor to completely reinventing a house with new furniture, paint and accessories — wasn’t prevalent a decade ago, but today stagers, primpers or fluffers, as they’re also known, are the demigods of real estate, as homeowners seek higher returns on their biggest investment.
Kathy Wardle, a realtor with Bosley Real Estate in Toronto, swears by house dressing. “Sometimes it’s added up to $100,000 (to the closing price). For others, it just makes it sellable.”
When clients haven’t the time or inclination to ready their own houses for the market, she directs them to Jeffrey Trafford, owner of Toronto-based Dressed To Sell.
“People are putting more and more into selling their homes,” says Trafford, who has charged anywhere from $1,000 to $18,000 for his services.
Not only does he advise on what needs to be done, but he also does the work, whether it’s purging a cluttered interior or renovating a tired kitchen. “I’ve never had anyone say to me, ‘I didn’t get a return on my money.’”
Set the stage
“That first 15 seconds upon entering a home, people will form an impression,” explains Brenda Paul, an agent with Irena Bell Real Estate in St. Catharines, Ont. “In a slower market, staging will help sell a home more quickly. In a busy market, it’ll help sell for more money.”
Paul knows of what she speaks. She also owns House Primping, a Niagara-area realtor-to-realtor staging company, and is writing a book, House Primping: The Art of the Real Estate Deal.
“You’re selling more than a house and four walls,” she says. “You’re selling a dream and a perception of a lifestyle.” Using decorating techniques and a variety of tools, from stock furniture to experienced handy people, primpers bring the dream to life and set the stage for potential buyers to envision themselves and their belongings in a house.
However, ambitious sellers can adopt a variety of trade secrets to make their house more marketable on their own.
Prepare to purge
The objective is to neutralize the space in order to widen its appeal. House hunters are not interested in sellers’ bowling trophies, family photos or antique teacup collections. Eliminating clutter is key to readying a house for the market.
“People can get distracted by who the owners are and not see the house,” says Wardle. “It’s not about dulling it down but giving it more of a universal appeal.”
Sometimes preparation is as easy as cleaning up the basement or purging items long destined for the garbage. But often, family heirlooms, over-the-top art and that comfy, but rather shabby, couch are banished to a storage locker.
“You want a house to feel open,” says Trafford, adding that storage is a primary concern for buyers and a cluttered house gives the impression that space is an issue.
10 easy and inexpensive projects
“There are certain things that potential buyers don’t want to see,” he stresses. When Trafford scrutinizes a house, he’s on the lookout for scuffed walls, stained ceilings, chipped sinks — the little things he insists make a big difference.
“It’s a lot of common sense stuff that people often don’t see for themselves.”
Trafford has 10 tips for do-it-yourself primpers:
1. Touch up scuffed or chipped walls and staircases.
2. Ensure windows are spotless.
3. Shampoo all carpets.
4. Make sure every light switch has a matching plate.
5. Cover outdated kitchen and bathroom floors with peel-and-stick tiles.
6. Update kitchen cabinets with new handles.
7. Re-caulk around tubs and sinks.
8. Give old tiles a facelift by scrubbing grout.
9. Invest in a new shower curtain.
10. Paint, paint and then paint some more.
Handy hints
“Paint is the No. 1 thing to improve the look of a property, inside and out,” seconds Paul. Warm, neutral walls have wide appeal, but why stop there? Give a concrete basement floor new life and update kitchen or bathroom cupboards without the expense of new cabinetry.
“Dated for a home buyer spells work and it spells money,” warns Paul.
Trafford also recommends replacing stained countertops and worn broadloom, while Wardle advises returning a converted room to its expected use. The third bedroom may function as an office, but buyers want to see a bedroom — oust the computer in favour of a bed and night table.
Finishing touches — such as new towels in the bathroom, a mirror strategically placed to open up a narrow hallway or fresh flowers in a drab room — all play a role in selling a house.
Consider the curb appeal
Pay equal attention to a home’s exterior. Keep it tidy (i.e., don’t clutter the front porch with garbage and recycling bins) and take on simple projects to set the house apart.
Red cedar chips transform a boring front garden, while flowerpots, a new mailbox and a freshly painted front door send house hunters the right message.
Spend money to make money
Whether following these tips yourself or hiring a stager for a thorough makeover, prepare to spend money to make money.
Investing 1 percent of the asking price into fixing up a house is a general guide, says Paul, who charges anywhere from $150 for a consultation and five-page report to $3,000 to dress a house fully with furniture and accessories. (Painting and repairs done by a third-party contractor cost extra.)
While no one can guarantee a house will fetch a specific price or sell within a certain time frame, experts insist primping has a positive influence. Paul cites a Victorian house in Toronto that sat on the market for six months at $569,000, but sold for $612,000 within a week ofa detailed overhaul that included staging the dining room for an elegant (but imaginary) dinner party.
It goes back to encouraging house hunters to buy into a dream, and in the process, buy the house.
Michelle Warren is a writer in Toronto
Copyright 2009 © Yahoo! Inc. All rights reserved.
Inserted from <http://ca.finance.yahoo.com/print/personal-finance/article/bankratecanada/1364/dress-up-your-house-for-a-successful-sale>
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11 Reasons To List Your Home Now
December 16th, 2009 Categories: Area interest, Selling real estate
With all this talk of a housing bubble, maybe now is the time to take advantage. Here are 11 reasons why now to the time:
From MikeFerry.com
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When to buy or sell? Is Now a Good Time, or Not?
December 10th, 2009 Categories: Buying real estate, Selling real estate
All over the United States, realtors and home owners are looking at the recovery of the Canadian real estate market and are wondering how we did it. Some areas in the US are still experiencing the bust that the market became since 2007. Canada’s housing market has recovered with such rabid fervor, it has left many of us scratching our heads.
With seasonally adjusted monthly sales hitting an all-time record and prices five percent higher than the peak in 2007, homeowners selling now are flush with Christmas cash.
“Extrapolating this trend echoes Buzz Lightyear’s mantra, ‘to infinity and beyond!’ Back here on earth, however, this latest housing cycle raises a number of concerns,” says Pascal Gauthier, an economist at TD Bank Financial Group.
The challenge with the run in a market like this is that homes become over-valued and increase faster than personal income. That pushes affordability beyond many consumers.
“In all likelihood, as affordability declines in response to higher prices and rates, demand will soften and price increases will moderate,” says Sal Guatieri, senior economist for BMO Capital Markets. “However, if prices continue to leap-frog incomes in coming years, the odds of a market correction will escalate, especially if interest rates exceed neutral levels.”
Mr Gauthier responds saying that the danger isn’t that the real estate market will coast more than expected in the near future, but “the risk is rather that the market remains as hot as it currently is for too long, eventually running head-on into monetary policy tightening (and longer term bond yields rising). There is more than adequate time for the housing market to cool before then, but history suggests that if it fails to do so, the ensuing adjustment would be a rude awakening.”
The real estate market could slow for a number of reasons: pent-up demand from the earlier stall is erased; an increase in the supply of listings will help to moderate prices; and buyers waiting for the flurry to die down or trying to cash in while interest rates are still low.
Both economists are concerned about rising household debt in Canada (it was in the paper again today). Guatieri has watched household credit grow twice as fast as personal income since 2002. Gauthier warns that the cost of debt will be rising during the next few years, and “while most households can handle this rebalancing act, those already overstretched or getting into homeownership on th margins of affordability would do well to plan ahead by building up equity and saving through other means.”
Nothing is certain. And the crystal ball is cloudy. Deciding to buy or sell a home is a personal decision. Whatever the market is doing, educate yourself and make the best decision for you.
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Determining The Market Value of Your Home
November 25th, 2009 Categories: Selling real estate
There has been a fair amount of press lately about the possibility of the housing market currently experiencing a bubble. The Toronto Real Estate Board recently stated that prices were up 10% over last year. The US, and in some areas of Canada, prices are falling or stable. I often stress that your housing market is local, and you need to look at specifics to see what is happening to the market price of your home.
The New York Times wrote
Even in the best of times, it’s hard for individuals to objectively value their homes, which often reflect their sense of self and personal style. Making things even more difficult has been general market inactivity lately, if not paralysis, which has provided little in the way of pricing guidance. But by using online resources, investigating neighbourhood trends, consulting real estate experts and perhaps even asking the opinions of brutally honest friends, homeowners can arrive at a reasonably accurate appraisal even in these uncertain times.
Although we are not experiencing the paralysis in our market, we do have uncertainty regarding how long this increase will last, what is going to happen to the economy, and so on.
Putting all factors in the mix, makes the sale of a house complex and downright tricky to negotiate for both the buyer and the seller.
Being inside the real estate market, I look at a couple of different things when I am looking at setting the listing price of a home for sale.
I look at price changes. I look at the price that the person paid for the home when they bought it all those years ago. Using statistics that I have collected, I can look at the change in house prices in general, in that area, over the period between the purchase and the potential sale. It will give me a ball park to look at for the price.
I also look at the tax assessment price. I look at other homes in the area that have sold and compare their assessed value to the sale price. I use the same ratio to get an approximation for current value on the home that I am working up.
The last area to look is comparable sales. In most areas, I find homes that have sold recently that are similar to the home in question. It can be considered that the last price is close to the market price.
Buyer agents can do the same research when helping their clients to select an offer price. Buyers, in general, are not going to spend a lot more than other buyers who bought in the area. We also need to consider that the banks look at comparable homes when they are deciding on how big a mortgage they will allow the buyer to carry on any particular home.
Looking at all of this information, the homeowner and I will set a price that is our best guess for what buyers will be willing to pay. Sometimes, we need to make adjustments to the list price to find the true market value.
The bottom line is that the only time we know the true market value of your home is when you accept an offer from a willing buyer. That price is your market value.
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GTA REALTORS® Report Mid-Month Resale Housing Market Figures
November 19th, 2009 Categories: Area interest, Buying real estate, Real Estate News, Selling real estate
TORONTO, November 18, 2009 – In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales – up 84 per cent compared to the first two weeks of November 2008. The average price for these transactions was up 10 per cent year-overyear to $415,066.
Increased interest in ownership housing has been widespread throughout the GTA and across all housing types,” said Toronto Real Estate Board President Tom Lebour. “However, it is important to point out that we are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price”
Year-to-date sales, at 78,233 are up 11 per cent compared to 2008. Average price, at $393,180, is up by three per cent.
“Sales and average price in the GTA this winter will be well above levels reported throughout the fourth quarter of 2008 and the first quarter of 2009,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
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TREB Reports Strong Growth in October MLS Transactions
November 5th, 2009 Categories: Buying real estate, Real Estate News, Selling real estate
November 4, 2009 — In October 2009, Greater Toronto REALTORS® reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 – up by 20 per cent compared to the same month last year.
“Strong sales growth has occurred across many property classes – from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars,” said TREB President Tom Lebour. “The highest rate of sales growth in October was experienced for properties selling for over $750,000 dollars. In contrast, luxury home sales declined at an above-average rate last year.”
Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.
“After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”
Median Price
In October, the median price was $357,000, from the $312,000 recorded during October of 2008.
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12 Reason Why Use A Realtor
November 3rd, 2009 Categories: Real Estate News, Selling real estate
I would be remiss if I did not present my opinion on the news this week that reports that real estate commissions could be cut, so says the Toronto Star:
It was reported across Canada that the MLS system needs to be opened up to give consumers more options.
As a realtor, I know that my services are valuable to consumers. There have always been options where you can do it yourself.
Let’s look at why you would use a Realtor:
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $200,000. If you had a $200,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $200,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a Realtor.
But if you’re still not convinced of the value of a Realtor, here are a dozen more reasons to use one:
1. Your Realtor can help you determine your buying power — that is, your financial reserves plus your borrowing capacity. If you give a Realtor some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders — banks and mortgage companies — offer limited choices.
2. Your Realtor has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties. Sometimes, a realtor knows about properties that are coning available or would be available, for the right buyer.
3. Your Realtor can assist you in the selection process by providing objective information about each property. Agents who are Realtor have access to a variety of informational resources. Realtor can provide local community information on utilities, zoning. schools, etc. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
4. Your Realtor can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
5. Your Realtor provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your Realtor can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your Realtor, title company or attorney can help you resolve issues that might cause problems at a later date.
6. Your Realtor can help you in understanding different financing options and in identifying qualified lenders.
7. Your Realtor can guide you through the closing process and make sure everything flows together smoothly.
8. When selling your home, your Realtor can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
9. Your Realtor markets your property to other real estate agents and the public. Often, your Realtor can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your Realtor markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your Realtor acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The Realtor Code of Ethics requires Realtor to utilize these cooperative relationships when they benefit their clients.
10. Your Realtor will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. Studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your Realtor, you do not have to allow strangers into your home. Realtor will generally pre-screen and accompany qualified prospects through your property.
11. Your Realtor can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your Realtor can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
12. Your Realtor can help close the sale of your home. Between the initial sales agreement and closing, questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your Realtor is the best person to objectively help you resolve these issues and move the transaction to closing.
http://www.realtor.com/basics/allabout/realtors/why.asp
The MLS is just one tool that I use to sell you home. Let me show you the value I bring to the table and you can decide.rr
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Housing Activity to Strengthen in 2010
November 2nd, 2009 Categories: Buying real estate, Real Estate News, Selling real estate
OTTAWA, November 2, 2009 — Housing starts have started to recover and are expected to continue to improve in the second half of 2009. Starts are expected to reach 141,900 for the year and will increase to 164,900 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook, Canada Edition* report.
“We expect housing markets across Canada to strengthen leading into and over the course of 2010 as economic conditions improve”, said Bob Dugan, Chief Economist for CMHC.
“Demand for existing homes has rebounded since the beginning of the year. In addition, lower inventory levels characterize both the new and existing home markets. As a result, stronger housing demand will be reflected in higher levels of housing starts in 2010”, said Mr. Dugan.
The strong pace of MLS® 1 sales seen in the second and third quarters of this year reflects, in part, activity that was delayed in the previous two quarters and is not likely to be sustained. The level of sales is expected to move back closer in line with anticipated economic conditions. As a result, existing home sales, as measured by the Multiple Listing Service (MLS®), will reach 441,300 units in 2009 and increase to 445,150 units in 2010. The average MLS® price is expected to be $312,950 in 2009 and $324,500 in 2010.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
* The forecasts included in the Housing Market Outlook are based on information available as of October 1, 2009. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.
1 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA). Data are for 10 provinces.
Information on this release:
Charles Sauriol
CMHC
Media Relations
613-748-2799
csauriol@cmhc-schl.gc.ca
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GTA Realtors® Reporting October Mid-Month Housing Statistics
October 20th, 2009 Categories: Ajax, Pickering, Pickering Village, Real Estate News, Selling real estate
TORONTO, October 19, 2009 - In the first two weeks of October, Greater Toronto REALTORS® reported 3,631 sales – up 34 per cent compared to the first two weeks of October 2008. The average price for these transactions was up 17 per cent year-over year to $414,479.
“While demand for existing homes has remained strong, it is important to recognize the context of current statistics. We are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price,” said TREB President Tom Lebour.
Year-to-date sales, at 69,964 are up six per cent compared to 2008. Average price, at $389,687, is up by two per cent.
“Tight market conditions throughout the GTA will continue to exert upward pressure on home prices in the fourth quarter,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Expect more listings in 2010 as home owners react to the price gains experienced in the second half of 2009.”
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