Market Report: December 2009
Here is my report on the Toronto residential real estate market’s activity:
Sales: Sales have now more than doubled in number, year-over-year with 7,446 properties changing hands last month, versus only 3,640 the year previous. That 105% positive change is powering the enormous growth in value we are seeing in the market. If you bought at this time last, year, you’re laughing now!
New Listings: Finally we see a warming trend in new listings, with a dead heat versus last year’s November number of 9,925 new properties on the market (there were 9,923 this year). To me this indicates that sellers have finally started to hear the news about the hot market, and are now selling well into the ‘off’ months in an attempt to capitalize.
Wasn’t I recommending this four months ago? My suggestion to vendors in 2010 is to definitely get your property listed in the early spring market. You are in the perfect storm for selling and ‘trading-up’ in Toronto property.
Active Listings: Same old story here. Active listings (total homes currently on the market) are still down a whopping -49% year-over-year, meaning that the wave of sellers has not balanced the market yet, although I expect this trend will change in the early spring, which will make for an extremely active market. I expect we may see record sales volume before June if market forces remain consistent.
Days on the Market: The trend is toward much faster sales as well, generally benefiting sellers, with properties taking on average 37% less time on the market to sell, down from 41 days to only 26 days this year, a steady number from last month. You are encouraged to remember that this number represents the time until deals are firm and reported, and often includes a conditional sold period of up to 2 weeks. Consequently, these properties are effectively off the market much sooner.
Price: Finally, confirming our suspicions, the median price of homes in the GTA in November was $353,800, up from $312,250 in the same month of 2008, with detached homes trading at a premium, priced at $445,000 last month median value.
Look for this growth to continue into the spring, though with a more balanced market. Sellers will be coming to the table in droves following a smooth winter economy and news of the buy pressure. People tend to prefer moving in summer months and so I suspect May and June will see a huge number of real estate closings. Watch out for closings after July 1 as well, as your closing costs and possibly your home itself will be subject to an 8% tax increase, due to the fabulous HST. Yikes!
Tell your friends! They’ll thank you. Call me if you’re interested in learning more about buying or selling real estate.
Until next time,
Shaun Nilsson
1-888-712-7888
You must be logged in to post a comment.
Hot Daily Properties- An error has occurred; the feed is probably down. Try again later.
-
Recent Blog Posts
-
