This month we're highlighting the huge upswing in sales across the GTA. As buyers and sellers realize we don’t have the real estate problems south of the border they’re jumping back into the market. As these charts show we’re on track for a very strong year.
June and July were record months for sales and prices have moved up slightly. If sales maintain these levels 2009 will surpass 2008 sales. One cautionary note - the Toronto Real Estate Board divides the city into districts and we studied one, E06, to get an idea of how the upper end of the market is doing. This area, and we suspect others, has not generally recovered in the upper price range.
The surge in buying has been mostly around the $200,00 to $400,000 level, as our chart on the right for July, 09 shows. Many higher priced homes in E06 have been taken off the rnarket when the vendors asking prices weren't met. There was only one E06 home sold in the 12 months from September, 08 to the end of August, 09 for more than $1 million. This sale was at a very steep discount from the asking price. There were 16 such sales in the same period ending August, 08.
This chart further illustrates the trend. Above $900,000 home sales also slowed noticeably and the 3 that were sold were also at steep discounts to initial asking prices. Our own reno / addition project at 106 Fallingbrook Road has been rented out as we wait for the upper end of the market in our area to spring back. Thanks to the hundreds of neighbours who visited our open houses. If you're a buyer this could be an excellent opportunity to get into this great area.
The sales year is generally marked by two busy seasons, March through June and mid-September to November. So far, September is extremely busy with lots of new listings coming on the market and brisk open houses as buyers try to get in before interest rates go up next year. If things continue 2009 could be a record year for sales with firm prices. Potential buyers with an above average budget - this could be a buying opportunity that comes around very rarely. These depressed prices won't last long!
If you’re thinking of selling give us a call for a no cost, no obligation, estimate of what your property is worth. We can help advise you on market timing and cost effective fix-ups to make sure you maximize your price.
