September continued the upswing in sales across the GTA. Mortgage rates remain low, enticing renters into the market. As our first chart shows the sweet spot of the market is around $200-400,000.  We don’t have the real estate problems south of the border and the Bank of Canada reaffirmed its' commitment to low rates. As these charts show we’re on track for a very strong year.

These sales ranges show clearly that the bulk of sales are in the same range as August. For buyers who want to move up there are lots of opportunities to find bargains. Your existing home is probably fairly valued and this is an excellent time to start shopping. Our study last month of upper end houses in E06 (southwest Scarborough) gave an idea of how the upper end of the market is doing. This area, and others we looked at, have not generally recovered in the upper price ranges.

The sales year is generally marked by two busy seasons, March through June and mid-September to November. September was extremely busy with lots of new listings coming on the market and brisk open houses as buyers tried 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 in the upper ranges won't last long!

Even though the aveage price is the highest in 4 years, affordability continues to improve with low interest rates and low, or no, inflation.

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.