Nov. 17, 2008

Toronto real estate market news

I am sorry I haven't been present for so many weeks on my blog, but we have been very busy at luxury homes Toronto. So let me present you at least some stats from Toronto real estate market for October, issued by the TREB in Market Watch Report.

Where to start? Let's take it one after another.

Sales continued in serious decline, this time it was -35% for Great Toronto Area (-38% for the City and -32% for suburbs) compared to October 2007 and poor -25% down compared to October 2006.

Similar results appear when we look at the price level. It has declined -10% for GTA, (-13% for the City, -8% for suburbs). Fortunately, no signs of collapse appear, because the price level is still around the level of 2006. (-1% for GTA, -3% for the City and +1% for the suburbs).

Home sellers realize this and they don't flood the market with new listings. There was only 9% growth annually, but the number of active listings is still around the 27000 items. Market turnout remains pretty fast, with properties selling in less than 40 days on average.

Months are running and we can see the previous predictions were right - the peak of 2007 is gone, but the market is not going below its standards, which were set 4-5 years ago.
Except those, who bought their property 1 year ago, you don't have to feel any concerns about the value of your home.
And home buyers have still good chance to make an interesting deal!

Sep. 4, 2008

Toronto market in July

Canada and another western countries are facing possible economic crisis. GDP growth is often somewhere near to zero, inflation and unemployment is rising, gas prices...
One of the most endangered markets is the real estate market. It's not only the collapse in United States - it's also United Kingdom, Spain, Ireland, parts of India...
And what about Canada? You can read complex article about Canadian real estate market future on our Toronto real estate. What was the reality in July?
According to the Market Watch, the situation in Toronto is calm. There has been significant sales drop of 12%, compared to the year 2007, but sales were still 10% up the 2006 numbers. Price level has grown 1% and average number of days on market is around 30.
These numbers are a good proof of market strength. despite the sales drop prices remain stabile, so it means people are not panicking and flooding market with houses. And that's the most important thing, because psychology is now the key factor. There are no real substantial problems, like mortgage crisis in the USA. Our subprime mortgage level is much lower and the interest rate has been slightly calmer during last 7 years, compared to FED rates.
So if you own some property, you can remain in good mood!