Our market continues it's variable ride. It
appears that our local economy is staying afloat
and not crashing as some would think it has or
is about to.
The average price rose just over 5% in February
2009 compared to January. This is some good
news and may indicate that the market is firming
up somewhat.
My personal observations of the Mississauga marketplace
is that prices are firming up, meaning that they
are not dropping the was they were in the last
quarter of '08 and the first two months of this
year.
Prices and sales are still soft, but
th market seems to be much stronger than it
was in the preceding 6 months.
I will be interesting
to see what the next 2 to 3 months brings as
this is typically our strongest part of the year,
the "Spring Market!"
You
are reading the March newsletter
Greater
Toronto REALTORS® Reported 4,120 Resale Housing Transactions in February
Update
on interest rates, Bank
Prime rates dropped again and are at record levels
of 2.5%, read more, Bank
Rate
March
Report
This is the complete press release from TREB today
I hope this finds you happy and healthy,
Mark
Greater Toronto REALTORS® Reported 4,120 Resale Housing Transactions in February
TORONTO, March 5, 2009 – Toronto
Real Estate Board Members reported 4,120 sales
in February 2009
compared to 6,015 sales recorded in February
2008. The average home price was $361,305 last
month compared
to $382,048 during the same month last year.
“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 TREB President pointed out that
Greater Toronto REALTORS® are an integral part of
the real estate
transaction process. “TREB Members are
uniquely positioned to help home buyers and
sellers adapt to changing
market conditions,” added Ms. O’Neill. “In
addition, TREB continues to advocate public
policies that do not threaten
affordability but support home ownership in
the GTA such as lower taxation and less regulation.”
SUMMARY OF FEBRUARY SALES AND AVERAGE
PRICE 2008
- 2009
February
2009 2008
Sales Average Price Sales
Average
Price
City of Toronto ("416") 1,653 $392,919
2,310 $424,435
Rest of GTA ("905") 2,467 $340,122
3,705 $355,745
GTA 4,120 $361,305 6,015 $382,048
Source: Toronto Real Estate Board
Greater Toronto REALTORS® are passionate
about their work. They adhere
to a strict Code of Ethics and share a
state-of-the-art Multiple Listing
Service. Serving over 28,000 Members in the
Greater Toronto Area, the Toronto
Real Estate Board is Canada’s
largest real estate board. Greater
Toronto Area open house listings
are now available on TorontoRealEstateBoard.com
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