Tuesday, April 7, 2009

The Sky didn't fall! Toronto Market Watch Results

March Resale Housing Results Bring Positive News
TORONTO, April 6, 2009 - In March 2009, Greater Toronto REALTORS® reported 6,171 sales – down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.

“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill.

“In fact, over the past two months, the situation in the housing market has improved.”
The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent
from the ten-year low reached in January.

“Sales in March increased at a rate over and above what would be expected from the normal
spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater
number of households have taken advantage of increased affordability in the housing
marketplace.” DOWNLOAD complete Market watch report

Not only has the sky not fallen, the weekend open house activity is very strong. My own, this past weekend, received 26 families on Saturday (remember the wind) and 16 families on Sunday. This indicates for me a strong pent up demand for housing.

In the west end ( where I track the monthly Trends listings have increased slightly to 9,052 with 2,407 reported sold, a ratio of almost 4:1 or 26.59%

If you have been hesitating putting your home up for sale; you may be very surprised by the market activity. I welcome your calls and comments.

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