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TORONTO, March 19, 2009 – Greater Toronto REALTORS® announced 2,565 transactions in the first half of March compared to 3,183 during the same period last year. The annual rate of MLS® sales decline was the smallest in five months.
Mid-month March MLS® sales increased compared to the 2,044 sales experienced in the first half of February.
MLS® sales follow a recurring seasonal trend, with transactions generally increasing between January and May and then decreasing between June and December.
“As we move into the spring market, it appears that we are seeing stronger demand for ownership housing in the Greater Toronto Area,” said TREB President Maureen O’Neill. “Buyers are reacting to the market’s strong foundation of affordability.”
The average price for MLS® sales was $365,499 compared to $385,405 last year.
“Affordability has improved over the past few months due to a combination of lower home prices, near record lows for mortgage rates and rising earnings,”1 according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
1Average weekly earnings for the Toronto CMA, as reported by Statistics Canada, have been rising on a year-over-year basis over the past year. For example, in February 2009, average weekly earnings rose by approximately 2.5 per cent compared to February 2008.
Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008
By the way… I’m never too busy for your referrals.
The warm weather has arrived! 13 degrees today, looks like spring is coming early. Good weather affects real estate prices and I feel this as more clients are calling me to see homes and to get a market evaluation on their own home.
Let us take a look at this week’s list of power of sales.
Power of Sale Listings for Central/North Toronto
Freehold/Condominium properties please - click here -
Power of Sale Listings for East Toronto
Freehold/Condominium properties please - click here -
Power of Sale Listings for West Toronto
Freehold/Condominium properties please - click here -
Richmond Hill / Markham / Vaughan – There are very few Power of Sale listings for the three towns in York Region, so I have lumped them together.
Freehold/Condominium properties please - click here -
For other areas in the GTA, please request it by emailing me and I will email the listings to you.
Please contact me to discuss any of the power of sale listings.
Kirby Chan
Real Estate Sales Representative @ Re/Max
info@kirbychan.com
www.KirbyChan.com
416.305.8008
Toronto Real Estate
Kirby Chan
Toronto Power of SaleOther than being a real estate sales representative, I am also active in my local community. I volunteer as the Treasurer of The Richmond Hill K9 Klub. For months we have proposed a Leash-free Dog Park to the City Council. It was finally approved and a suitable site will now have to be finalized. After the budget meeting, we were asked to give the council 2 weeks and the issue will be followed up by Councilor Lynn Foster. Ward 3 Councilor David Cohen does not appear to support the idea of an off-leash dog park.
Click Here – For more information and to join the Richmond Hill K9 Klub
Want to move to Richmond Hill? Contact me and we can discuss the benefits of living in this great town.
Kirby Chan
Real Estate Sales Representative @ Re/Max
info@kirbychan.com
www.KirbyChan.com
416.305.8008
Leash Free Dog Park
Richmond-HillTREB MARKET WATCH
The average GTA price in February 2009 was $361,305. During the same period last year, the Toronto MLS system recorded an average of $382,048.
For February 2009 recorded sales were 4,120 down from 6,015 sales recorded during the same period last year. A 32% drop in sales.
“A considerable number of transactions continued to take place in February 2009. Motivated buyers and sellers, who were aware that market conditions changed over the past few months, were able to negotiate transactions acceptable to both parties,” said Toronto Real Estate Board President Maureen O’Neill.
On a month-over-month basis, sales and average price were above January levels of 2,670 and $343,632 respectively. The housing market is seasonal. Traditionally, in the first half of every year, sales and average price climb to their highest levels in late spring before trending lower from July onward.
“While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current home prices and mortgage rates suggest that GTA homes have become more affordable on average,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater number of home buyers could take advantage of this affordability once their positioning in the economy becomes more certain.”
Typically the spring real estate market tends to experience more activity and with the Canadian economy experiencing a period of low mortgage rates and strong immigration, this trend could continue. According to Statistics Canada, Canada welcomed 247,202 permanent residents in 2008, 70,000 more than in 1998, and well within the Government’s planned range of 240,000 to 265,000 new permanent residents for 2009.
The median price in February 2009 was $312,900 from the $324,000 recorded during February of 2008.
I’m never too busy for your business and any of your referrals.
Going above and beyond for my clients,
Kirby Chan
Real Estate Sales Representative @ Re/Max
info@kirbychan.com
www.KirbyChan.com
416.305.8008
