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Toronto Real Estate Market Update Decembers Statistics - Sales and Average Prices

Toronto & GTA Real Estate Housing Market Statistics.

 

The Toronto Real Estate Board reported over 74,000 resale homes sold in 2008.  But let’s compare the resale statistics for past 3 years.

 

Sales for 2008

Sales for 2007

Sales for 2006

74,552

93,193

83,083

 

The average resale price for a home in December of 2008 came in at $361,415, lower than in 2007, yet still higher than in 2006.

 

Average Price in Dec 08

Average Price in Dec 07

Average Price in Dec 06

$361,415

$394,931

$336,217

 

 

The Toronto real estate market was hit hard this last quarter with CMHC discontinuing their no money down financing programs.  But those buyers that have saved for their minimum 5% down are finding amazing value properties for sale.   Buyers have more higher quality product to choose from and with exceptional interest rates and mortgage options.

 

This is the perfect time for First Time Home Buyers to take advantage of the RSP Plan.  Opening an RSP Plan before January 31st can help them gain a nice tax credit, and within 90 days they are able to withdraw up to $20,000 without penalty towards their down payment of their home (of course confirm with your bank).

 

Yes, this program is available year round, however – buying the RSP’s before January 31st, means you will most likely get a tax refund cheque in the mail before April 30th if you file your tax return promptly.   The extra refund could come in handy for a Spring purchase.   Purchasing your RSP’s afterwards could mean a refund cheque won’t be in the mail until the next tax year.

 

The Government also recently announced a new Savings Plan, allowing Canadians to place up to $5,000 per year into a Tax Free Interest Earning Savings Account.

 

Don’t give up on Home Ownership.  There are other plans available to help consumers save in many ways.   Contact us to find out if you qualify for other Government Programs.

Toronto Real Estate Housing Market:

 

The City of (416) recorded 1,105 sales in December, compared to 2,302 in December 2007.

 

Average House Prices in Toronto comparison:

 

Average Price 2008

Average Price 2007

Average Price 2006

$387,482

$425,842

$350,139

 

 

Surround Toronto Area (905) Housing Prices:

 

The 905 area, including Mississauga and Brampton, saw 1,472 sales in December from 2,344 in December of 2007.    For all of 2008, there were 44,674 sales in this region, versus 54,141 in 2007 and 48,680 in 2006.

 

Average Price 2008

Average Price 2007

Average Price 2006

$341,847

$360,307

$326,509

 

Sales show it’s definitely a buyers market.   Motivated Sellers today must take a different approach.    Buyers are demanding move in condition, so we suggest Staging a Home, ordering a Pre-Home Inspection Report to ensure minor repairs are dealt with before placing your home on the market.  

 

Good homes are selling and buyers are getting great value and great mortgage rates.
Ask us about our Sutton Members Ultra Low Mortgage Rate – The Lowest 5 Year Fixed Mortgage in Canada (as of January 10, 2009)

 

Before you list your home speak to a professional realtor for tips on how to Dress Your House for Success.   Ask for our Free Sellers Home Staging Kit by emailing us at Sutton@realtor.com or calling 416-896-3333

 

Visit us anytime at www.SuttonRealty.com – or google us – you will notice our properties are advertised everywhere … we harness the full power of the net!

 

Sutton Office in Toronto, Sutton Office in Mississauga – Sutton across Canada with over 8500 sales representatives.

 

Sutton Realty Mortgage

Posted: Saturday, January 10, 2009 1:02 AM by Sutton Realty

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