|
"Real
Estate Bits"
July 2008
Market Update
June - A Market More Balanced
July 4, 2008 “TREB members reported 8600 sales in June, TREB President Maureen O’Neill announced today. Sales were down 18% from the 2007 total of, 10,451 which was the best performance ever for that month. Nevertheless the 8600 figure is the 5th best June on record and indicative of an active and healthy market”.
Sales within the city of Toronto totaled 3481 - down 18% from the 4238 recorded in June of 2007. Sales within the 905 suburbs stood at 5119 and were also down 18% from the 6213 recorded during the same time last year.
On the pricing front June’s GTA average price came in at $395,866. This was up 4% over the $381,963 recorded during June of 2007. Price increases were roughly equivalent in both the City of Toronto and the surrounding suburbs. Within Toronto, prices averaged $433,082 - up 3% over the $421,139 recorded in June of 2007.
Within the 905 suburbs the average price was $370,559 - up 4% over the $355,240 recorded during June of 2007. With summer upon us and a 22% increase in inventory to nearly 27,000 listings, over June of last year, the real estate market is slowly shifting towards “balance” after several years favouring Sellers.
“This year we’re seeing a return to calmer conditions but the market remains healthy. When compared to the 8730 transactions in June 2006, GTA sales activity in June 2008 decreased by only 1%.” The record month of June 2007 saw a 20% increase over June 2006.
“The increase in listings we have seen in recent months has resulted in a slightly longer period during which homes are on the market, from 29 days a year ago to 34 days currently,” said Ms. O’Neill. “This has given Buyers and Sellers a little more time to make well-considered decisions.”
In certain pockets however, the pace of sales remained brisk this June. Brooklin (E19) experienced a 35% increase in overall sales based on strong detached home transactions.
Burlington (W25) saw a 65% increase in activity, driven by detached home transactions and even more robust attached/row house sales. In Downtown East (C08), activity was up 4% due to attached/row house and condominium apartment sales.
“We expect to see balanced market conditions continue in the coming months,” said Ms. O’Neill. “When you look at it from a long-term perspective real estate invariably provides stable returns.”
A Breakdown Of The Total Sales Is As Follows:
|
|
TREB's - 28 West Districts had: |
3357 sales |
With an average of - $374,043 |
|
TREB's - 14 Central Districts had: |
1483 sales |
With an average of - $518,471 |
|
TREB's - 23 North Districts had: |
1697 sales |
With an average of - $430,498 |
|
TREB's - 21 East Districts had: |
2063 sales |
With an average of - $314,755 |
Average Days On Market in June was 34
Year-Over-Year Sales and Price Comparison
| Year-2007 |
# of Sales |
Average Price |
| |
|
|
| January |
5173 |
$353,724 |
| February |
6772 |
$368,687 |
| March |
8518 |
$365,285 |
| April |
9452 |
$379,025 |
| May |
11,146 |
$382,787 |
| June |
10,451 |
$381,963 |
| July |
8912 |
$366,012 |
| August |
8059 |
$361,890 |
| September |
6866 |
$380,132 |
| October |
7915 |
$394,646 |
| November |
7313 |
$393,747 |
| December |
4646 |
$394,931 |
| |
|
|
| 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 |
Web-Site Of Interest
www.supperworks.com
Live Well - Eat Well. Take the work out of supper!
Gift Certificates & Private Parties.
Mortgages
Rates As Of July 14,
2008
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 |
8.45%
|
|
6 Month Convert |
5.60% |
|
1 Year Open |
8.70% |
|
1 Year Closed |
5.05% -
Until September 1, 2008 |
|
2 Year Closed |
5.65% |
|
3 Year Closed |
5.50% |
|
3 Year Ultimate Rate |
Prime minus .25% - Cap Rate is
6.65%
|
|
4 Year Closed |
5.74% |
|
5 Year Closed |
5.76% |
|
5 Year Flex Value |
Prime minus .50% |
|
7 Year Closed |
6.05%
|
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. We are able to guarantee the Cap Rate
on the 3 Year Ultimate Rate Mortgage for 120 days from the
date of your application. Please call Scotiabank for more
details on our 5 Year “Flex Value” products.
Business Of The Month
Corktown Cru
A group of young and passionate wine professionals committed to making wine education what it should be - “Fun”. Classes and Tutored Tastings.
(416) 837-7694
www.corktowncru.com
info@corktowncru.com
Home Inspection Companies
Just for Fun...
Really, Really Bad Jokes
Etobicoke has seen 2356 sales thus far in 2008 - down 14% from the 2734 recorded during the first 6 months of 2007. However the average price was $406,197 - up 2% from the $399,525 reported during the same time frame a year ago.
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 |
