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"Real
Estate Bits"
March 2008
Market Update
Sales Break 6000 in Spite of Winter Weather
March 5, 2008 - While snow fell in almost record amounts, TREB Members recorded a respectable 6015 sales during the month of February, TREB President Maureen O’Neill announced today.
While sales were down 11% over 2007, they were in line with historical levels for the month, and they should increase substantially as the GTA eases into Spring. However, prices rose in February with the average climbing to $382,048, up 4% from the $367,687 recorded in February of last year.
Days-on-Market stood at 30 days and the list-to-sale ratio was 99%. Activity within the City of Toronto generally matched that of the broader GTA. Sales moderated 14% in the city to 2310 from last year’s figure of 2697. Prices rose 2% to $424,235
“To get an accurate perspective of current market conditions, a number of factors have to be considered,” said Ms. O’Neill. “With 18,018 properties available for sale, inventory has decreased seven per cent from last February.“This indicates that despite moderate sales, there is not an over-supply of homes on the market. Generally, properties that are listed are selling fairly quickly and with a list to sale price ratio of 99 per cent, for the most part, sellers are realizing their asking price,” O’Neill added.
Despite the decrease in the number of sales from this time last year, there was positive news with respect to prices in February. At $382,048 in the Greater Toronto Area and $424,235 in the City of Toronto, the average price increased four and two per cent respectively compared to February 2007. As well, the time on market in February was 30 days compared to 35 days a year ago.
Despite the overall decline, some GTA neighbourhoods experienced strong sales in February. In Pickering (E13) sales rose 28 per cent overall compared to a year ago due to a strong increase in condo townhouse and condo-apartment transactions.
Strong condo-apartment sales also drove transactions in Rexdale (W10) to an overall increase of 18 per cent compared to February 2007.
Richmond Hill North (N05) experienced a 19 per cent sales increase compared to a year ago primarily as a result of strong detached home transactions.
“All economic indicators are in place for an active year in the GTA, and as the winter weather conditions improve, sales are expected to increase as well,” said Ms. O’Neill.
A Breakdown Of The Market Is As Follows:
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|
TREB's - 28 West Districts had: |
2358 sales |
With an average of - $357,884 |
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TREB's - 14 Central Districts had: |
1017 sales |
With an average of - $522,480 |
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TREB's - 23 North Districts had: |
1185 sales |
With an average of - $409,155
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TREB's - 21 East Districts had: |
1455 sales |
With an average of - $300,975 |
Average Days On Market in February was 30
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 |
Web-Site Of Interest
www.theanimalrescuesite.com
If you care about animals and want to help on a daily basis you can go to this site and “click” on the daily free food button. It helps to feed abandoned animals and those in animal shelters. I leave the link sitting in my in-box and just click it in the morning when I’m reviewing my overnight E-mail messages. Every little bit does help!
Mortgages
Rates As Of March 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 |
8.90%
|
|
6 Month Convert |
6.05% |
|
1 Year Open |
9.35% |
|
1 Year Closed |
5.20% -
Effective until April 30, 2008 |
|
2 Year Closed |
6.30% |
|
3 Year Closed |
6.15% |
|
3 Year Ultimate Rate |
Prime minus .50% - Cap Rate is
7.30%
|
|
4 Year Closed |
5.95% |
|
5 Year Closed |
5.90% |
|
5 Year Flex Value |
Prime minus .50% |
|
7 Year Closed |
6.10%
|
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
The Carpet Mill
469 Carlaw Avenue (at
Gerrard)
"Your Floor Covering Solution Centre"
(416) 462-9006
carpetmill@bellnet.ca
www.carpetmill.ca
A great selection of broadloom, area rugs, runners
and wood flooring – all with helpful, friendly service!
Home Inspection Companies
Just for Fun...
Really, Really Bad Jokes
Urban
Legend Or Not?
Dear Mr. Minister,
I'm in the process of renewing my passport, and I still can’t believe this. How is it that Radio Shack has my address and telephone number and knows that I bought a T.V. cable from them back in 1997, and yet, the Federal Government is still asking me where I was born and on what date? Let me help you out here - my birth date is on my social insurance card, and it is on all the income tax forms I've filed for the past 30 years. It’s on my health insurance card, my driver's license, on the last eight passports I've had, on every customs declaration form I've had to fill out before being allowed off every plane for the last 30 years, and all those census forms that are done at election time. Would somebody please take note, once and for all, that my mother's name is Maryanne, my father's name is Robert and I'd be absolutely astounded if that ever changed between now and when I die! I apologize, Mr. Minister, I know you’re just trying to do your job.
Okay - I’m better now. Oops - come to think of it - you sent the application form to my house and then you ask me for my address.
Honest, it’s March and I just want to go and walk on a sandy beach in the sunshine. Oh no - here I go again. Would someone please tell me, why would you care if I plan on visiting a farm in the next 15 days? Actually, I have to go now because I have to go to the other end of the city and get another copy of my birth certificate to the tune of $60.00 Would it be so complicated to have all the services in the same spot to assist in the issuance of a new passport on the same day? I guess so, that would be too easy. Then I need to have someone confirm that the picture (the one I’m not allowed to smile in) is really me. Who else would it be? And hey, come to think of it - why can’t I smile? I’m a generally happy guy.
Signed - An Irate Canadian Citizen.
P.S. Oh, oh - I’m not done yet. Remember what I said above about the picture and getting someone to confirm that it's me? Well, my family has been in this country since 1776 when one of my forefathers took up arms against the Americans. I have served in the military for over 30 years and have had too many security clearances to count. I was an aide-de-camp to the lieutenant governor of my province for ten years and I have been doing volunteer work for the RCMP for five years. However, I have to get someone “important” to verify who I am, you know, someone like my doctor who is from Argentina. Whew!
Of the 10 sales recorded within Unionville (part of N11) so far this year, 7 were detached homes which sold for an average of $623,971.The other 3 homes were condominium townhouses, which averaged $333,700.
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"
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"Real Estate Bits - 2" is to provide information to you
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your consent must be given
(either implicitly or explicitly) to receive these
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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 |
