Thursday, September 17, 2009

The Little Engine that could!

TORONTO, September 16, 2009 - In the first two weeks of September, Greater Toronto
REALTORS® reported 3,361 sales – up 23 per cent compared to the first two weeks of
September 2008. The average price for these transactions was up eight per cent year-over-year to $393,818.

"An increasing number of positive reports pointing to economic recovery coupled with low
interest rates have kept households confident in purchasing a home," said TREB President Tom

Year-to-date sales, at 61,676 are up three per cent compared to 59,971 in 2008. Average price,
at $386,302, is up by one per cent from $383,776.

"Tighter market conditions since May, as evidenced by rising sales relative to listings and
declining average days on the market, have resulted in stronger average price growth,"
explained Jason Mercer, TREB's Senior Manager of Market Analysis.
Summary Of September Sales And Average Price

September 2009 2008
Sales Average Price Sales Average Price
City of Toronto ("416") 1,280 $415,126 998 $386,524
Rest of GTA ("905") 2,081 $380,712 1,728 $354,395
GTA 3,361 $393,818 2,726 $366,158
Source: Toronto Real Estate Board

David Pylyp; The Toronto Media has chosen not to focus on the lack of inventory available. Currently there are still less than 16,000 units for sale on TREB compared to the 27,373 for sale last September and 21,571 in 2007. West Inventory Levels are posted here

We are moving further into a
Seller's Market with interest rates hovering at near 4% fixed at five years. This does not bode well for buyer's as anything coming up for sale is immediately pushed into multiple offer territory. If you are considering listing I would like to speak with you. What will happen going into the fall?

Your comments and observations are welcomed.

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