Friday, May 6, 2011

Toronto Real Estate Sales Drop 17%

The Toronto Real Estate Board released it figures for April 2011 showing that 9041 homes changed hands compared with over 11,000 for the same period last year.

While the drop sounds significant the shining fact is that the available inventory ( homes for sale ) in the same period dropped proportionately. Homes are taking an average of 22 days to sell. More desirable neighbourhoods in Etobicoke are moving immediately to multiple offer country.

We have just come off an election that hopes our economy and governance will be stable. The dollar is slightly over the US greenback. Interest rates appear to be holding with modest if not quarter point adjustments for the near future.

Of greater concern for many, is the increase in gasoline prices and how far they can afford-ably travel to purchase a starter home with the average Toronto detached property trading at 477K. SO lets really say $ 500 thousand. That makes an outlying townhouse or semi affordable at $400 with some commuting added.

This economic reality helps you better understand why the homes are selling so well ( fast) in North Mississauga, Brampton, Milton and Georgetown, (Homes in the 905) Indeed from the stats of the Toronto Real Estate Board fully 5500 homes traded in the west end.

If you would like somewhere to live that is Etobicoke, Humber Bay Shore, Markland Wood or Centennial Park, into Mississauga 's reviving Lakeview and Port Credit, feel free to reach out. Always have time for just one more shopper.

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