Thursday, November 20, 2008

Greater Toronto Resale Housing at 2,000 Sales Mid November

TORONTO, November 19, 2008 – Greater Toronto REALTORS® recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.

The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007.

In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007. In the 905 Region there were 1,161 sales during the first half of the month from the 1,901 transactions recorded at mid-November 2007. The year-to-date figures show 42,348 compared to 49,949 recorded in 2007.

It’s particularly important to interpret the 416 area statistics in context given the market surge we saw a year ago when buyers moved to avoid the new Toronto Land Transfer Tax,” said Ms. O’Neill. “At mid- month a year ago, transactions in the 416 area had increased 24 per cent over the same period in 2006.”

David Pylyp This decline in sales has many people in panic mode and damage control; But there is a silver lining.
  • The home owners who purchased in 1995 - 2000 have incredible equity in their homes.
  • With New home prices softening the step between what you have and what you might what has never been closer.
  • Lenders are offering very attractive mortgage packages.
  • In real estate, when you sell and buy whether the market activity is up or down is moot.
  • Yes, you will sell for less, Yes You will buy for substancially less.
  • Highest activity is in the under 350K range - This means the second and third time buyer has much more to chose from.

Are you considering consolidating households? Are you moving a family member in for elder care? Has there been a new addition to your family? Have you outgrown your current home?

1 comment:

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