Sutton Group Realty Systems Inc. Brokerage . 416-896-3333 . 905-896-3333

Housing sales rebound in September - Prices Up.
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The Hamilton-Burlington area resale market reported a total of 1,027 units sold in September, exactly the same number sold in September 2007.
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The average price of freehold residential properties sold in the month of September was $303,690, an increase of 9.5% over the same month last year.  Condominiums not being as popular, recorded a decrease of 1.3% over September last year with an average condo price of $209,942.   Overall total residential average sales prices, including condos increased 6.9% over the same month in 2007.
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With the turmoil we've seen in the financial markets, home owners should be confident in the equity of their homes.   Over the past nine months, we've consistently seen increases in average prices in the Burlington-Hamilton markets.    This reaffirms the stability of and instills confidence in the local house markets.  
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Affordability and availability of product have attracted buyers to our area.   It's good news and proves again that real estate beats the stock market for a more comfortable long term investment.


CAnada is Number One

The total number of units listed for sale during September was 2,059, which is 22.8% more than were listed in the same period in 2007.

Also
Residential properties sold during September totaled 979 which included 760 freehold and 219 condominiums.  Commercial sales for September, including industrial, farm, vacant land and business, totaled 48 units.
 
Investors looking to diversify will find a variety of product to fit their budgets and long term goals.  For further information - contact your Sutton Realty Systems realtor 905-827-6999, 416-896-3333
GTA - Resale Housing Market
October 2008

With 6,424 homes changing hands last month, activity in the Greater Toronto Area (GTA) declined 6% compared to the 6,866 sales that took place in September 2007 and declined 3% compared to the 6,622 transactions that were recorded two years ago.

In the City of Toronto sales were less robust. The 2,546 transactions recorded last month declined 11% from the 2,854 sales in September 2007 and declined 5% from the 2,680 sales recorded in September 2006. Sales increased 6% between September 2006 and September 2007.

“We remain concerned about the Land Transfer Tax in the City of Toronto,” said Ms. O’Neill.

In the 905 Region, the 3,878 sales recorded last month were within 3% of September 2007’s 4,012 transactions, and within 2% of September 2006’s 3,942 sales. Sales in this region increased 2% between September 2006 and September 2007.
From a year-to-date perspective, the GTA resale housing market has declined 14%. In the City of Toronto year-to-date sales have declined 16% from last year. And the 905 Region year-to-date sales have declined 12%.

However, prices throughout the GTA however have remained fairly stable. At $368,549, the average price of a GTA home in September has declined 3% from $380,132 recorded a year ago.

“Although the market is not as robust as it was a year ago, homeowners are continuing to see strong returns on their investment,” said Ms. O’Neill. “On average, Sellers are achieving 97% of their asking price.

With the average number of days on market increasing to 36 days from to 31 days a year ago, it is taking slightly longer for homeowners to achieve a sale.

As with the last few months, we continue to see a handful of neighbourhoods reporting increases compared to a year ago, Scarborough East transactions increased 22% compared to September 2007 based on strong sales of all housing types. Streetsville saw an 11% sales increase due primarily to strong detached home sales. And Newmarket recorded 11% increase in sales compared to a year ago, driven mainly by strong condominium townhouse sales.

“Given that these are trying times for the world economy, in context, the Greater Toronto Area resale housing market continues to fare quite well,” said Ms. O’Neill. “From a long-term perspective, buying a home remains a sound financial decision.”

Unique Opportunity For Home Buyers
October 2008

The news is filled with headlines about the state of today’s housing market south of the border—"Foreclosure sales are up.” “Real estate prices are down.” “Borrowers are defaulting on sub-prime loans.” It’s easy to be confused and uncertain about whether now is a good time to buy a home.

Although the Canadian market is not as robust as it was a year ago, housing prices have been stable for several months, mortgage rates have dropped this year and there is overwhelming choice of homes currently available in all price ranges. All these factors add up to an ideal market place for first time or move up home buyers.

The turbulence we’re seeing in the housing market is not all problematic. For some, it has opened up new opportunities. If you have good credit and your finances are solid, you may be able to benefit from today’s housing market.

As a first-time home buyer the current market offers you many advantages, such as:

As a first-time home buyer the current market offers you many advantages, such as:


1. Lower interest rates
Today’s long-term fixed mortgage rates are relatively low. The Bank of Canada had dropped the key interest rate a couple of times in the last few months. Today’s historically low interest rates mean you’ll benefit from increased buying power if you’re shopping for a home.

2. More negotiating power
In the hot real estate market of a few years ago prospective home buyers often found themselves in a bidding war when making an offer on a home. Today’s cooler market means buyers have more bargaining power. More sellers are now willing sell at less than list price or offer other incentives.

3. Wider selection of properties
Today’s larger inventory of homes for sale means more properties to choose from. It also means home buyers can afford to be more discriminating and take the time to find a home with all of the features that they are looking for.

4. Sales incentives
Many new home builders are beginning to offer incentives to lure buyers. In some cases, they’re offering price discounts or complimentary extras such as granite kitchen countertops or upscale appliances. Some private home sellers are also throwing in a variety of incentives such as paid closing costs or free home inspections.

Historically, the housing market has been cyclical. Every period of sustained price increases has been followed by a period of declining values. It’s therefore not surprising that after the boom of the last few years, we’re currently experiencing a housing market correction. In most parts of the country, the days of being able to profit from buying and selling a property quickly may be over, at least for a while. But owning a home and building equity in real estate is likely to remain a sound long-term investment.

The fundamentals of the Canadian economy and today’s buyers market suggest that now is an excellent time for prospective buyers to explore opportunities to buy a new home. Consult with your agent, do some research, and buy, buy, buy!

7 Factors That Affect Your Home Value 
October 2008

There are many factors that can affect the market value of your property, ranging from home improvements to the mood of the seller. All of this is a lot to internalize, but you can make an informed decision while pricing your home if you tackle these issues one at a time.

1. Location
Your home’s proximity to public transportation, train stations, shopping facilities, schools, etc., plays an import factor in determining your property’s market value. Every area has a high end and a low end. The market value of your property is affected by that reality. People that purchase homes in “lower end” areas expect to pay less than they would if they bought the same home in a “higher end” neighbourhood.

2. Features
One of the key factors in your home’s value is the features it provides. For example, some house styles are more popular with buyers than others. The age and size of your home compared to other available properties also plays a part in affecting your home’s value.

3. Condition
Potential buyers will take into account the condition of your home in deciding if they want to buy it and how much they are willing to pay for it. A home in immaculate condition has a much higher potential for a top dollar sale than one that is lacking the most basic routine maintenance.

Experienced buyers look for important conditions like paints, floor covering, walls, ceilings, floors, doors and windows. Buyers may also pay close attention to the plumbing, electricity work, repairs, bathrooms, kitchen, and so on.

4. Home Improvements
Most people think that home improvements are a sure way to increase the value of a home. Major home improvements are unquestionably important factors that affect the property value. Improvements like room additions, bedrooms, bathrooms, kitchens and other items like floor tiles, swimming pools, etc., can increase the value of your home. However, it only matters what those improvements are worth to the buyer.

5. Market Conditions
When the market is flooded with similar properties for sale and real estate buyers are scarce, you can expect to sell your home for less than you would if there was a shortage of supply and lots of eager potential homebuyers.

6. Seller Motivation
Seller motivation is also a major factor which affects the offer price made by the buyer. For example, if you bought a home in a new area you may be willing to accept a lower price to quickly complete the sale your current house.

7. Marketing
The marketing plan that your agent executes on your behalf will determine the amount of interest that is shown in your property. Your agent’s level of skill and expertise in the negotiating process will affect the amount of money you’ll be able to get for your home. Many people put more thought into what they’ll have for dinner tonight than who they will trust to market their most valuable asset. Don’t you make the same mistake!