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Market Watch – March 2009
In March 2009, Greater Toronto REALTORS® reported 6,171 sales –
down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.
“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill. “In fact, over the past two months, the situation in the housing market has improved.”
The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.
“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater number of households have taken advantage of increased affordability in the housing marketplace.”
The median price in March was $317,500 from the $326,000 recorded in March of 2008. The median price in March was $317,500 from $312,900 in February 2009.
Source: Toronto Real Estate Board
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.
TREB 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
Toronto Real Estate
Kirby Chan
The Victoria Tower
The Victoria Tower is a boutique condominium which is located at Highway 7 East in between Bayview Avenue and Leslie Street. View Map
Viva/York Region Transit is convieniently located just across the street.
There are 1 bedroom units, 1+1 bedroom units, 2 bedroom and 3 bedroom penthouses.
Amenities – Fitness/exercise room, swimming pool, sauna, steam room, whirlpool and party room.
Lobby has 24-hour concierge services and hotel style waiting area.
1-Bedroom units start at $199,000.
2-Bedroom units start at $325,000.
3-Bedroom units start at $475,000.
-click here for the MLS listings-
Contact me to discuss and to view the properties.
Kirby Chan
Real Estate Sales Representative @ Re/Max
info@kirbychan.com
www.KirbyChan.com
416.305.8008
For this week there is an increase in the number of power of sale listings for freehold properties in Toronto and a decrease of power of sale condominium units.
This week I will include power of sale listings from Richmond Hill, Markham, Mississauga and Oakville.
TORONTO
Freehold properties please - click here page 1- and - Page 2 -
Condominium properties please - click here-
RICHMOND HILL / MARKHAM
For properties please - click here -
MISSISSAUGA / OAKVILLE
For 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
