March 3, 2011 — Greater Toronto Area (GTA) REALTORS® reported 6,266 residential resale homes & condos sold through the TorontoMLS® system in February 2011. This result was 14% lower than the record home sales reported in February 2010.
While not representing a record, February 2011 sales were 50% higher than the number of homes and condos sold and reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.
“Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong,” said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for homes and condos in February 2011 was $454,423, up 5% from the average selling price reported in February 2010.
“Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
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There’s no question that the Oakville and Mississauga Real Estate market has been active this spring. May was a great month for Sellers and Buyers! But inventories are down… I need your listings! Buyers are still buying and taking advantage of mortgage rates before they increase any more.
Not a day goes by lately without someone asking me how the Real Estate market is these days. It’s a good thing – I love it. Just look back to late last year and early this year and everyone was walking on egg shells waiting for the sky to fall… and it didn’t.
First-time buyers and buyers alike are taking advantage of affordable mortgage rates – it doesn’t appear that things are going to change in the immediate future. Don’t think for a second though that it’s a Seller’s market – Buyers are buying, but they’re cautious and calculated. What is playing in the favour of Sellers right now is the low inventory of resale homes and condos in Oakville and Mississauga. I don’t believe this is going to result in a significant increase in prices, but what it does mean is that those homes that are most desirable sell first and for more money. What does this mean? If you’re looking to buy a property, buy what you can afford. If you’re looking to sell your home, make sure your home is priced right. Working with a Real Estate Broker that knows the Real Estate market is a very worthwhile investment. Sure I’m biased, but I also spend hours analyzing statistics and watching trends. I may not always tell you what you want to hear, but I’m working to protect your most valuable asset – your home. If you’re thinking of buying or selling Real Estate in Oakville, Mississauga or the GTA and would like more information please visit my website or contact me at 905.507.0040 ext.22.
June 2, 2009 — In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase in Real Estate sales since December 2007. The seasonally adjusted annual rate of sales in May was 81,300.
“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”
The average price for Real Estate transactions in May was $395,609 – down less than one per cent compared to the same month last year.
“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”
Source: Toronto Real Estate Board