GTA Resale Housing Market Posts Best June on Record
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TORONTO, July 6, 2009 - In June 2009, Greater Toronto REALTORS® reported a record10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.
In the Brampton market the new listings are starting to get multiple offers. I personally had 3 of my own listings sell within a few days and for almost full asking price (or more in one case). Real estate market in North Brampton seems to be back to its record pace in 2007. Let’s see how the fall market goes.
“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”
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The average price for June transactions was $403,972 – up by two per cent compared to the same month last year.
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“The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”
Brampton stats only
Number of houses sold in April 2009 = 714
Number of houses sold in April 2008 = 845
New listings in April = 1252
Total active listings = 2108
Average days on the market = 38
Breakdown:
Detacheds sold = 402
Semi detacheds = 171
Freehold townhouses = 62
Condo townhouses = 35
Condo apartments = 30
Monthly solds ??????????? ?????? ? ??????????
March 2009 = 551
March 2008 = 627
February 2009 = 401
February 2008 = 556
January 2009 = 263
January 2008 = 516
Active listings breakdown:
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Detacheds = 1291
Semi detacheds = 330
Freehold townhouses = 141
Condo townhouses = 161
Condo apartments = 122
I went to check out the inventory today because I had a couple of hours to spare. Just wanted to stay up to date on the market. I was in North Brampton right by Chinguacousy and Sandalwood area. Last year I sold a 1500 square foot house for $315,000 and on the same street an exact same house is now selling for $290,000!
Looking for Eric psp
For under $325,000 you can now get a decent size house that’s less than six years old. One year ago these houses were selling for around $340,000. I noticed some owners are still listing at last year’s prices. I realize it is frustrating to see all that equity disappear but asking a high price will not make it worth that much. If they are unwilling to budge on price I suspect these houses will be on the market for a long time and usually the realtor will get blamed for the house not selling.
I was stuck in the same situation myself just recently. The owners needed to get a certain amount out for their next home purchase. I was hesitant to list it over market value and my instincts were correct; but priority one is always customer service. Despite using my all my techniques to get maximum exposure for the listing, the house sat on the market for two months. The reason being that the builder was selling the exact same house with the same closing date including upgrades for $25,000 less.
I showed the home owners all the market statistics and the builder’s price sheets but that still didn’t convince them to be flexible on the price. As a result the house did not sell and they eventually listed with another agent at the same price.
No realtor is a magician when these types of scenarios occur. If a house is worth $350,000 a buyer wont pay $30,000 to $40,000 more just because it is listed with a certain agent or company. Buyers aren’t concerned with who the listing agent is or how much the listing agent is getting paid. They are concerned with the price and market value, especially in today’s market.
If you put your Brampton home up for sale please be sure to go through all the comparable sales in your area with your Brampton Realtor and base your price on hard facts.
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.
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!
Talk to you soon!
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.
If you’ve come this far, then this means only one thing: congratulations, you’ve successfully sold your Brampton home! But, don’t forget to tie up these loose ends:
Final Walk-Through Inspection. More than just a formality, the final inspection takes place shortly before the scheduled date and time for closing (often the day before or the day of closing). The buyer and his agent visit the home to verify that all is in working order, that all agreed repairs have been made, that all of your belongings have been removed, and that no additional damage was done to the home in the time between contract signing and settlement. To avoid any last minute upsets, you will want to plan your move out with enough time left over to return to the home, collect any forgotten items, ensure the home is reasonably clean and free of debris, and in good condition. If something is damaged in the move, you will want to ensure that it is fixed before the final walk through as well. Remember, from a buyer’s perspective, buying a home is a great achievement, but it is also fraught with tension, nerves, and anxiety. A clean home with no nasty surprises will help alleviate a buyer’s concerns and will help to ensure a smooth settlement. Plus, its just a nice thing to do. As your agent, I will be a resource for you to help line up movers, cleaners, junk haulers, and repairmen, as needed, to help you deliver your home to its new owner in the required condition (or even better).
Cancel Home Services and Utilities. You will be responsible for canceling all utility and service accounts in your name as of the date of closing. Of course, you will be responsible to pay the final bills for these utilities and services through the date of closing. Often the buyer won’t be able to set up his account until your has been closed, so be sure to add that to your to-do list before closing.
Be Prepared. Even if you do everything right and the buyer does everything right, sometimes problems do arise. It ain’t over ’til its over, as they say. So, be prepared and remain calm. As your agent, I am here to assist you should an unforeseen glitch pop up, even at this last stage. Something at the house breaks down, the buyers’ loan doesn’t pull through on time – no need to worry. I’ve encountered these problems before so I can help you handle these problems efficiently and keep everything moving forward.
Closing. This is it – you sign the deed transferring ownership, the buyer pays the purchase price, you hand over the keys and garage openers and everyone walks away (hopefully) very happy. The closing is the culmination of the weeks or months of preparation and work involved in selling your home. Congratulations!
More more questions on the Brampton real estate market drop me an email.
I have been putting up monthly statistics for the Brampton and Georgetown real estate markets. You can find them on the right hand menu. Here are the yearly numbers (includes all sales conducted through the Toronto Real Estate Board).
Year – # of sales
2008 = 74,552
2007 = 93,193
2006 = 83,084
2005 = 84,145
2004 = 83,501
2003 = 78,898
2002 = 74,759
2001 = 67,612
2000 = 58,343
1999 = 58,957
1998 = 55,344
Brampton real estate stats
6,863 houses sold in 2008 in Brampton.
Average days on the market was 33.
They sold for 97.5% of asking price.
Hope this information was useful. If there is an area of Brampton or Georgetown (particular streets etc..) that you wish to stay updated on then let me know. I will set you up on my MLS system so you receive regular updates.
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!
Remodeling in Toronto is an exciting and rewarding experience. There are a lot of beautiful homes and apartments ready and waiting to accept a makeover!
The hardest choice is where to begin and then how to fit all the project components together to ensure you are completely happy with the outcome – within your desired time frames and within budget.
Remodeling may come easy to you and you may complete your project quickly and on budget. Or you may be like the rest of us and have a great plan, but no idea about how to begin to initiate the process – have you ever thought about hiring one of the highly qualified Renovation Coach in Toronto?
The thought of hiring someone to do something you think you should be able to do yourself is sometimes a little difficult, but how can a Renovation coach in Toronto help you?
Well to begin with, the job of a Renovation Coach is to act as a ‘middle man’, they find the best contractors available to do the particular job you need completed. General contractors are responsible for finding you the best most qualified contractor available that will help you to complete your dream remodeling project.
So you have decided to use some of your budget to access the services of a Renovation Coach to help you to complete your dream project, you need to get the best results for your money – but how?
The first thing you will need to remember is that you have to be ready to be completely open and honest with your communication. You will be relying on this person to achieve maximum results for you and you need to develop trust early in the relationship.
There are a number of things that you can do to establish a trusting relationship. You may begin to research the availability of good Renovation Consultants in Toronto with friends and family or perhaps at work. If people can recommend someone the next obvious step is to view their work, either in person or by looking at photographs, and then discuss in detail the overall professionalism of the Renovation Coach to get a better understanding of their work ethic. If you don’t know anyone who has accessed the services of a Renovation Coach in Toronto, then do your own research, look for someone who specializes in the projects you require, set up a meeting with them and view their work.
The next thing you should do (if you haven’t already) is confirm your plans. What do you want to achieve for your space, how much money do you have to spend and what time frames do you have in mind. Without these basic decisions, your project will either not begin or will end up costing you a lot of money and time!
Ensure you have details about the size of the space you want to change, information about your building and any building permits or local regulations that you need to abide by. Do the research! Make it easy for your contractor and put together a book of ideas full of your favourite materials, fabrics, colors and fittings! Take photographs of existing spaces that friends and family live in, visit art galleries to get a better idea of colors and textures, and really research thoroughly what you want.
A good Renovation Coach will help you to access sub contractors and products quickly and easily, and will be worth the money so that you can spend more time worrying about other things in your life. In saying this, however, verbally stress the importance of your budget and time frames – you don’t want to spend more money than you need to.
Renovation Coaches have so much knowledge and access to the latest products, materials and technologies, try not to get too carried away with what they offer. Be really clear and upfront with all items that will potentially cost you money, no matter how attractive they appear. Hiring the services of a Renovation Coach has the potential to make your life stress free for the duration of the intended remodeling project.
If you embark on your project with a positive attitude, have a clear understanding of what you want and need, stick to your budget and time frames and maintain an open level of communication with your contractor you will be happy with the end result.
Thanks to The Reno Coach for this. www.the-reno-coach.com
For questions on the Brampton real estate market drop me an email.
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