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"Real
Estate Bits"
February 2009
Market Update
2670 Transactions Reported In January
TREB Members reported 2670 sales in January down from the 5075 sales reported in the first month of 2008. Of these, 1106 transactions took place in the City of Toronto compared to 2128 in January 2008. In the surrounding “905” area, 1564 sales were recorded, down from 2947 last year.
The GTA housing market has not been immune to the economic slowdown in Canada. Some potential home buyers were less-certain about their positioning in the economy over the past year. Until the economy rebounds, and along with it consumer confidence, the number of existing home sales will be more moderate in comparison to the average over the last ten years.
Home prices also moderated in January. The average MLS selling price dipped to $343,632. The average price was $364,415 in the City of Toronto, down from $404,202 in 2008. In the surrounding regions (“905” area code), the average price was $328,935 down from $352,965 last year.
Buyers have experienced more choice in the existing home marketplace. Lower selling prices have resulted. It should be noted that the GTA housing market has followed the broader economic slow down, but was not a cause of the downturn. Home prices remained affordable throughout the new millennium. The average family can still qualify for a mortgage on an average priced home. This remains the case today. Given that we are not facing an early-1990s-style affordability crisis, the rebound in the housing market will likely be quick once economic recovery takes hold.
Average Days On Market in January was 49
What They Sold For:
This Graph Shows Monthly GTA Sales
By Volume and Price Category
December 2008
January 2009
Year-Over-Year Sales and Price Comparison
| Year-2007 |
# of Sales |
Average Price |
| |
|
|
| Total |
93,193 |
$376,236 |
| |
|
|
| Year-2008 |
# of Sales |
Average Price |
| |
|
|
| January |
5075 |
$374,449 |
| February |
6015 |
$382,084 |
| March |
6631 |
$380,338 |
| April |
8762 |
$398,687 |
| May |
9411 |
$388,839 |
| June |
8600 |
$394,931 |
| July |
7806 |
$371,427 |
| August |
6318 |
$364,886 |
| September |
6424 |
$368,549 |
| October |
5155 |
$352,974 |
| November |
3640 |
$368,582 |
| December |
2577 |
$361,415 |
| |
|
|
| Year-2009 |
# of Sales |
Average Price |
| |
|
|
| January |
2670 |
$343,632 |
Web-Site Of Interest
www.greenteadesign.com
Classic Asian furniture adapted for contemporary Western lifestyles. A great site to browse for design inspiration and wonderful merchandise.
388 Carlaw Avenue Suite #200 - Toronto
(416) 462-1459
Mortgages
Rates As Of February 6,
2009
Nino will guarantee these
rates for 120 days for any "confirmed" client of Rosemary Wright if
you bring this newsletter with you!
These "Preferred Rates" are available for new
mortgages for any of my clients who bank with Nino Pasquariello,
Senior Bank Manager of Scotiabank & Trust. Nino's office is located
at 2200 Yonge Street (at Eglinton) in Toronto.
(Bus): 416-932-3885
#7000 (Fax): 416-932-3167
E-Mail:
nino.pasquariello@scotiabank.com
Scotiabank Web-Site:
www.scotiabank.com
Find The Best Way To Use "Your" Money
|
6 Month Open |
7.05%
|
|
6 Month Closed |
4.20%
|
|
1 Year Open |
7.75% |
|
1 Year Closed |
3.50% -
Bank's Discretion |
|
2 Year Closed |
4.15% |
|
3 Year Closed |
4.00% |
|
4 Year Closed |
4.39% (4.44% for
Pre-Approvals) |
|
5 Year Closed |
4.49% |
|
5 Year Scotia Flex Value |
4.50 % (Prime + 1.00) |
|
7 Year Closed |
5.45%
|
We
are unable to guarantee the rate on the Prime Based Variable
Rate products. Rates will be based on Prime at the time of
the mortgage closing. On a Pre-Approved Mortgage the rate is protected for 120 days from the date of application.
Please be aware that rates can change at any time.
Please call Scotiabank for more details on their 5 Year “Flex Value” products..
Business Of The Month
On A Personal Note, Alan Just Did A Complete Installation of My New Computer System - He’s Great & He Comes to Your Home!
Home Inspection Companies
Just for Fun...
Really, Really Bad Jokes
The Recent Australian Heat Wave Has Made
This Little Guy Very Trusting of Humans
The median price in January was $303,000 down from the $319,000 recorded during January of 2008.
Business Referrals
Client & Networking referrals are the foundation of a
successful real estate sales representative's career. Over many years in
this industry I have enjoyed the confidence and repeat
business of my clients. I appreciate your on-going support
and want you to know that I will always look after friends
and colleagues you refer to me with professionalism, care
and respect.
Rosemary Wright
Sales Representative
Sutton Group-Bayview Realty Inc., Brokerage
Independently Owned & Operated
(Bus): (416) 483-8000
(Fax): (416) 463-0159
WebSite:
www.rosemarywright.com
E-Mail:
mail@rosemarywright.com
Direct
Page: (416) 582-1216
"Professional Service With A Personal Touch"
T his newsletter is never sent unsolicited. If you wish to
be removed, please reply to this
E-Mail with the words "Remove from Newsletter" in the
subject line or call me at
(416) 483-8000 to request removal.
The intent of the newsletters - "Real Estate Bits" &
"Real Estate Bits - 2" is to provide information to you
regarding real estate. Personal details such as your
name, contact information and address are never revealed
to anyone without your consent. In accordance with the
new
Privacy Act,
your consent must be given
(either implicitly or explicitly) to receive these
newsletters. If you do not want to receive my newsletters
- please notify me. My newsletters are not
intended to solicit Buyers or Sellers who are currently
under contract with any Broker.
The information and opinions contained, statistics and
articles are courtesy of TREB, CMHC or other individuals
or companies and are believed to be reliable, but their
accuracy is not guaranteed. Sutton Group-Bayview Realty
Inc., Brokerage and Rosemary Wright accept no
responsibility whatsoever for any loss arising from any
use or reliance on the accuracy and timeliness of the
information contained herein. Every endeavour is made to
ensure accuracy. These newsletters do not render
financial, legal, accounting, home inspection or
professional advice. They are for general educational
purposes only. They do not offer do-it-yourself advice.
We encourage you to always contact the appropriate
professionals or specialists to address your individual
needs.
E&OE |
