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.

Welcome a Balanced Market in 2010

Canada’s housing market is expected to cool this year and next, but isn’t at risk of falling victim to a U.S.-style foreclosure crisis anytime soon; Canada will continue to do well in comparison to our neighbours to the south.

That is because lending practices here are much more sound than in the U.S. The likelihood of Canada having a meltdown like they had in the U.S. is extremely low; This is a combination of the lending practices prior to the peak in 2007 — they were more restrained, better underwriting practices in Canada. We also think there are a number of factors in the Canadian market which have lent themselves to more prudent lending.

The HST now factors heavily into home buying decisions in Ontario and is creating indecision.

Reviewing the most recent Toronto Real Estate Board statistics. Sales are moving along well and the inventory levels are continuing to rise at a pace that is typical for this time of year. For May 2010 there were 9,460 sales reported to TREB! Unlike recent record breaking months, this falls below the record breaking territory we hit in May 2007, but is similar to other May numbers we have experienced in previous years. Currently there are 25 K homes for sale up from 22 thousand 6 last month. Last year, there was actually a decrease in the available number of homes between April and May. This year there was an increase, which is seasonally typical. This is causing us to go into more of a “Normal or Balanced Market” and step away from some of the silliness we’ve been experiencing over the last year.

In select pockets and price ranges, inventory is still pretty scarce, but in the majority of neighbourhoods of Toronto there is more selection for the buyers out there. That means there’s a greater likelihood this year that there may be a correction or softening in housing prices rather than a continued increase. We expect the market to continue cooling through out the year and continue to cool into 2011. The TD Bank predicts prices will decrease by 2 - 3% by the end of 2011.

Professional Promotion & Marketing, Google Presentation and Proper Pricing are more important now to have your home enter the market at the right price point, attract willing buyers and be sold within a few weeks. Call David Pylyp 647 218 2414

Internet Advertising for Real Estate

An interesting article entitled ‘Papers losing real estate ads to online’ appeared on the Globe and Mail – Report on Business website, which talks about how real estate advertising dollars are moving away from print and onto the Internet.

Media industry analyst Mike Simonton of Fitch Ratings says, “The threats from the Internet are real. Newspaper advertising should remain under pressure until newspapers are better able to address the threat of online advertising.”

“Representatives of several major real estate franchisors said in interviews that many home sellers still see newspaper advertising as an essential component of selling a home, but that younger brokers, home sellers and buyers are clearly more focused on using the Internet.”

In the same article, Blanche Evans, editor of Realty Times, says “As home-buyers flock online, it’s also tough on realtors, since home-buyers are becoming accustomed to seeing extensive colour photos, descriptions of the neighbourhood as well as video tours of the property — all of which costs money to produce.”

Single property websites are an easy and affordable way to address these issues in that they create a powerful ‘link’ between print (including yard signs) and Internet advertising.

An easy-to-remember domain name seen in a newspaper or posted on a yard sign will increase the liklihood of a visit the property on the Internet. Plus, the domain name takes the potential buyer directly to the property details, with no distraction from other listings. Sellers will love this concept and the time-sensitive consumer will also appreciate it.  

Balance of Source Blog.

David Pylyp: The domain Name can easily be the Home address Dot com. The key is understanding the technology.

Virtual Tours are then embedded into the webpages and also the MLS listing so that shoppers can get a real perspective of the exterior front, exterior rear yard, and key interior living areas. The video tours on a recent listing out numbered the MLS.ca views 2:1. Absolute prooof for me that the technology is effective.

Sign Calls and property inquiries can be directed to the online webpages and video tours to qualify the prospects that are touring properties. This saves time for me, but also brings a more focused buyer through the property.

Combining these features with a strong website will get your listing noticed. It would seem that the days of your weekend printing in a local newspaper are no longer the most effective way to bring fresh eyes to your home. FLASH presenters can be prepared and emailed to your address book of friends and associates, further extending the reach out to potential buyers.

If you are considering a sale, I would like to be interviewed to discuss your marketing plan and future home.

Etobicoke Homes, Humber Bay Shore Condos

If you are living in the west Toronto, Etobicoke area, and into Mississauga, I think we are on the better side of the city.  The Growth of Homes and Condominiums has been explosive.

Toronto has its challenges with growth and asset management while Mississauga continues to lead with innovative planning and budgetary surplus.  The newest communities will be in Lakeview on the south, just past Brown's Line.

The Humber Bay Shore and Park Lawn road intersections are currently undergoing rapid expansion and pensively awaiting TTC light rail improvements.

If you are considering moving to this area of Toronto  I would be pleased to assist you in any fashion possible.