Real Estate Information

Greater Toronto Area Resale Real Estate Market Resilient in 2009

January 6, 2010 -- Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said TREB President Tom Lebour. “As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”

The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.

“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”

Median Price
In December, the median price was $349,000, from the $305,000 recorded during December of 2008.

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Mississauga and Greater Toronto Real Estate reported increased sales by Mid December

Growing debt threatens economic stability: BOC

With household debt-to-income ratios in Canada at historical highs, the Bank of Canada is warning both borrowers and financial institutions to practice caution, particularly when it comes to mortgage lending.

"Financial institutions need to carefully consider the aggregate risk to their entire portfolio of household exposures when evaluating even an insured mortgage, since a household defaulting on an insured mortgage would likely be unable to meet its other debt obligations," the central bank's financial system review said.

On the borrower side, the bank stressed the need for households to "assess their ability to service these debt obligations over their entire maturity, taking into account likely changes in both income and interest rates." The warnings can be seen as a response to the current views that Canada could be heading toward a housing bubble.

Some good news in the report came on the topic of liquidity, with the Bank of Canada saying Canada's major banks have increased their stock of liquid assets and reliance on stable funding sources, "bolstering" their ability to provide credit during periods of stress. The report also said market-based funding is improving and that conditions in the international financial system have improved considerably since the last financial system review in June.

For more information on Best Mortgage Rates, please visit: www.GetBestMortgage.com

Thinkg of Buying or Selling your home or investing in real estate in Mississauga, Brampton and region of peel, please visit www.AceTeamRealty.com or call me at 416-618-9753.

Manoj Arora, Broker or Record

Ace Team Realty Inc., Brokerage, Mississauga

Greater Toronto Area Real Estate Home Sales Remain Strong in November

December 3, 2009 -- Greater Toronto REALTORS® reported 7,446 sales in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to the first 11 months of 2008.

“This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour. “Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.”

The average price for November transactions was up 14 per cent year-over-year to $418,460. The average price year-to-date was up four per cent to $394,464.

“Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels.” 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 November, the median price was $353,800, from the $312,250 recorded during November of 2008.

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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. 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.”

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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. 

In September 2009, Greater Toronto REALTORS® reported 8,196 sales, up 28 per cent from September 2008. The average price for September transactions was $406,877 – up by 10 per cent compared to the same month last year.

"We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results," said TREB President Tom Lebour. "Consumers have remained confident in ownership housing as a long-term investment."

Year-to-date sales, at 66,437 were up 4.5 per cent compared to the first nine months of 2008. Average price, at $388,417 was up by almost 1.5 per cent. "Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREB market area," according to Jason Mercer, TREB's Senior Manager of Market Analysis.

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C'on Home Sellers, what are you waiting for, Mississauga Real Estate Market is so Hot. The dramatical turn seen in the last few months from a buyers to a sellers market is continuing in Mississauga resale home sales.

Look at the August 09 figures, the sales are up from 5% to 20% approximately as compared to August 08 in different parts of Mississauga. But at the same time not many home owners are putting their home for sale. The new listings dropped by about 25% and more interestingly the total active listings almost dropped by 50% in August 09 in comparison to August 08. The home prices have also gone up in the range of 1% to 6% over the same period last year. This dropped inventory level has resulted in multiple offer situations and rightly priced properties are gone in just a week's time.

So let's look at this scenario, there are not many properties out there and buyer's can't find their dream home without getting into the multiple offers. So if you have been thinking of selling your home, why are you holding back, take advantage of this upswing market conditions. Want to know what's your home worth, just go to www.MyGTAHomeValue.com, input your home details and you would receive your neighbourhood activity.

And if you are a home buyer, the market is still not bad. The interest rates are so low, so why wait. Buy it now before the interest rates go up and the prices go up. Need help in finding the right property, just go to www.FindMyGTAHome.com, input what you are looking for and everyday you will receive email notification of all the new properties which come on the market meeting your requirements.

For more information on buying or selling a home in Mississauga please contact Manoj Arora at 416-618-9753 or email manojarora@rogers.com.

Strong Real Estate Sales Increases Continue in August in Mississauga, Brampton and Greater Toronto Area

In August 2009, Greater Toronto REALTORS® reported 8,035 sales, up 27% per cent from August 2008. The average price for August transactions was $387,921 – up by six per cent compared to the same month last year.

"The increase in demand for existing homes has been widespread across different housing types and price ranges," said TREB President Tom Lebour. "This suggests many categories of home buyers have chosen to make a long-term investment in housing, from first-time buyers to move-up buyers or buyers who are seeking a lifestyle change."

Year-to-date sales, at 58,421 were up two per cent compared to the first eight months of 2008. Average price, at $385,978 was up by less than one-half of one per cent. "We have heard more positive economic news lately. The improved housing market has played a key role,” explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have helped other sectors of the economy through home buyers’ spending on things like financial and legal services, moving, renovations and home furnishings."

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