I’ve noticed in the past few weeks I have started getting a lot more showings on my Brampton listings. Brampton real estate market had pretty much collapsed in November 2008. If you saw the statistics the amount of activity was down by about 50% in November, December and January (2009) when compared to 2007 numbers.
2007 WAS a recording breaking year so that should be taken into account but 50% decrease in real estate activity is huge. Generally my listings used to sell within 2 to 3 weeks but now it is taking over a month. Only good news is February 2009 was only down about 38% compared to February 2008. Hopefully that’s the start of a recovery. March statistics should be out in a couple of days and I’ll be sure to post them as many readers have already requested for them. In March I noticed a lot more showings on my listings and a lot more people making offers.
There were a few “low ball” offers because buyers now feel the sellers might be about to lose the house and will get rid of it any price. Luckily all my sellers were in good financial position which allowed them to wait out for a fair offer. Weather seems to be finally getting better so hopefully that brings out the buyers.
Smokin Aces buy
If you’re interested in selling your house use my complimentary Brampton home evaluation or start here if you’re ready to buy a Brampton house. Contact Brampton Real Estate Agent Vic Singh and you can expect a reply within 15 minutes!
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TORONTO, March 19, 2009 – Greater Toronto REALTORS® announced 2,565 transactions in the first half of March compared to 3,183 during the same period last year. The annual rate of MLS® sales decline was the smallest in five months.
Mid-month March MLS® sales increased compared to the 2,044 sales experienced in the first half of February. MLS® sales follow a recurring seasonal trend, with transactions generally increasing between January and May and then decreasing between June and December.
“As we move into the spring market, it appears that we are seeing stronger demand for ownership housing in the Greater Toronto Area,” said TREB President Maureen O’Neill. “Buyers are reacting to the market’s strong foundation of affordability.”
The average price for MLS® sales was $365,499 compared to $385,405 last year. “Affordability has improved over the past few months due to a combination of lower home prices, near record lows for mortgage rates and rising earnings,”1 according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
Source: Toronto Real Estate Board
If you have Brampton real estate to sell consider using the services of Vic Singh and view the unique process I use to sell Brampton Houses.
A message from the president of the Toronto Real Estate Board.
March 6, 2009 — As we approach the spring season and see real estate activity picking up, Realtors remain optimistic about the future of the GTA resale housing market. With reports such as RBC’s Homeownership Survey highlighting that Canadians believe in the long-term value of a home, now is a great opportunity to invest in that Canadian dream.
Toronto Real Estate Board Members reported 4,120 sales in February 2009, compared to 6,015 sales recorded in February 2008. The average home price was $361,305 last month, compared to $382,048 during the same month last year. It is very important to note that a considerable number of transactions continued to take place in February 2009. Motivated buyers and sellers, who were aware that market conditions changed over the past few months, were able to negotiate transactions acceptable to both parties.
On a month-over-month basis, sales and average price were above January levels of 2,670 and $343,632, respectively. The housing market is seasonal. Traditionally, sale volumes and average price climb in the first half of the year, reaching their highest levels in late spring before trending lower from July onward.
Now, while the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current home prices and mortgage rates suggest that GTA homes have become more affordable on average. A greater number of homebuyers could take advantage of this affordability once their positioning in the economy becomes more certain.
Beyond spring’s real estate market, which typically experiences more activity, the demand for ownership housing will remain strong in the GTA over the long term because of steady population growth driven by immigration. The Toronto area is Canada’s single greatest beneficiary of immigration. According to Statistics Canada, this country welcomed 247,202 permanent residents in 2008 — 70,000 more than in 1998, and well within the government’s planned range of 240,000 to 265,000 new permanent residents for 2009.
Source: Toronto Real Estate Board
If you have Brampton real estate to sell consider using the services of Vic Singh.
Toronto Real Estate Board Members reported 4,120 sales in February 2009 compared to 6,015 sales recorded in February 2008. The average home price was $361,305 last month compared to $382,048 during the same month last year. “A considerable number of transactions continued to take place in February 2009. Motivated buyers and sellers, who were aware that market conditions changed over the past few months, were able to negotiate transactions acceptable to both parties,” said Toronto Real Estate Board President Maureen O’Neill.
On a month-over-month basis, sales and average price were above January levels of 2,670 and $343,632 respectively. The housing market is seasonal. Traditionally, in the first half of every year, sales and average price climb to their highest levels in late spring before trending lower from July onward. “While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation.
Current home prices and mortgage rates suggest that GTA homes have become more affordable on average,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater number of home buyers could take advantage of this affordability once their positioning in the economy becomes more certain.”
Typically the spring real estate market tends to experience more activity and with the Canadian economy experiencing a period of low mortgage rates and strong immigration, this trend could continue. According to Statistics Canada, Canada welcomed 247,202 permanent residents in 2008, 70,000 more than in 1998,and well within the government’s planned range of 240,000 to 265,000 new permanent residents for 2009.
The TREB President pointed out that Greater Toronto REALTORS® are an integral part of the real estate transaction process. “TREB Members are uniquely positioned to help home buyers and sellers adapt to changing market conditions,” added Ms. O’Neill. “In addition, TREB continues to advocate public policies that do not threaten affordability but support home ownership in the GTA such as lower taxation and less regulation.”
If you have Brampton real estate to sell consider using the services of Vic Singh.
Here are the statistics for the Brampton real estate market for February 2009 and how they compared to February 2008.
Total number of houses sold = 350
Total number of houses sold in February 2008 = 555
Breakdown:
Detacheds sold = 206
Semi-detacheds sold = 77
Freehold townhouses = 29
Condo townhouses = 21
Condo apartments =16
Active listings:
Currently there are 1908 houses for sale in Brampton.
Detacheds = 1184
Semi-detacheds = 321
Freehold townhouses = 141
Condo townhouses = 150
Condo apartments = 121
For questions on the Brampton real estate market drop me an email.
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