I am dedicated to selling your house or finding you that dream home you are searching for. You are invited to browse my website and call or e-mail me with any questions you have about buying or selling a home.

December 2009

Dear Friend,

The real estate market continued to be “Hot” in November as the Toronto Real Estate Board reported the sale of 7,446 single family homes, up 104% over last Novembers 3,640 homes sold.

Despite the economic downturn, year to date sales are up 14% over 2008 with the average price of a home now reported at $394,464, up 4% over 2008. Considering that prices were predicted to drop by about 4% this news is certainly very good for home owners.

3,060 or 41.1% of the sales were in the $250,000 to $400,000 price range as low interest rates allowed first time buyers to continue to drive the market. High end homes also sold well in November as 505 homes sold over $750,000 with 90 homes selling over$1,500,000.

Despite an extremely active market with reported multiple offers and homes selling over asking price, not all homes sell. As of the end of November 129,526 homes have been placed for sale on the Toronto Real Estate Board with 81,929 or 63% selling. As you can see, the market is extremely busy and I believe it will continue into next year. There is a possibility that sometime next year interest rates will increase. That has the effect of eliminating buyers from the market, thus slowing down it down. It’s been estimated that a ¼% increase in interest rates eliminates 5,000 buyers from qualifying for a mortgage.

Price, interest rates, the new HST (Harmonized Sales Tax), all have a great impact on home sales in Toronto. Buying and selling is more complicated than ever before. If you know of someone thinking of buying or selling, or if you have some questions you need clarified, give me a call. I would love to help and put my experience to work for you.

Have a great Holiday Season.

Your Friend in Real Estate

PS. I am never too busy for your referrals.