While the Toronto Real Estate Board reported 4,986 transactions through the Multiple Listing Service in January 2010, Lets Look directly at the west end statistics. There were 4,614 available for sale, of which 3,800 were new listings It is from this number 1,979 sold. This is continuing an absorption rate near 50%.
The average price of a home moved to $409,000k. While the figure quoted (19%) a double digit increase over January last year the reality is a little different. Lets look back at last years events and you will recall we had just had the US election, The Credit Crisis was full steam, and there was a freeze in Financial markets because the new administration could not release funds prior to their mandate.
I do however agree that additional listings will not become apparent until the real estate market takes a breather. While everyone is consumed with the sales prices there are a few graphics posted on my site for increase in prices.
These show a steady increase in prices that adjust annually according to supply and demand but generally have been on a upward cycle since 1995. There was a noticable deviation in December 08 to January 09. Many have recently commented on afford ability. The second chart shows that except for the interest rate increases of 1987 through 1989 there has been a relative flat line of expenses compared to income (adjusted for 25 year mortgages property taxes and utilities)
Please talk with people who gan give you documented factual data; not a conversation over the back yard fence. Feel free to email and ask a question. I can use them for video ideas.
I currently have clients lined up and waiting for a variety of homes, detached and townhouses above and below $500K in the west end. If you are considering a sale I need to speak with you.
I can bring over a few coffee's and we can chat, Give me a call at 647 218 2414 or complete your Dream Home questionnaire here