During the first half of December there were 1,487 resale transactions reported in the GTA. Sales are down from 2,868 sales recorded in the same period a year ago. The average price is currently $360,652 down from $404,707 recorded in the same period a year ago. During the same period in 2006, the average price was $343,048.
There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago. The average number of days a home now remains on the market is 43, as compared to 33 days a year ago. Sellers are achieving 96 per cent of their listing price, as compared to 98 per cent a year ago.
Treb President Maureen O’Neill assures us that the situation is not as bad as what the media has portrayed, “Keeping today’s market statistics in perspective, MLS® statistics confirm that over the last 10 years the price of homes has increased in value. What this means for the consumer is that real estate continues to hold its value and is a solid choice for long-term investments”
Who can benefit from the reduced sales and lower average prices?
This is an excellent time for first time home buyers. They get to enter the market with a lower entry price. In addition, they get rebates from the Provincial and Toronto Land Transfer Tax.
This is an excellent time for home owners that want to move up in to a larger home or to a better area. Even though their existing home has dropped in price, their potential home has dropped even more.
This is an excellent time for investors looking for an investment out of the stock market. A safe investment would be a condo studio unit similar to my previous deal of the week. Small studio units and one bedroom units are the safest in our existing economy because affordable low-cost housing is in high demand for sale and lease.
I take in to consideration your location, price and your own personal financial and family situation when considering your purchase or sale. I can provide you with information about neighbourhoods, school districts and realistic prices because of my vast knowledge of the GTA.
Are you thinking of Buying or Selling a home and would like to discuss your options?
Contact Me, Just Click Here or call me directly at (416) 305-8008.