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Toronto Real Estate Blog - GTA News

Real Estate Updates on Market Trends, House Prices, Homes for Sale in the GTA, Mississauga, Toronto, Brampton, Oakville and Burlington. Sutton Realty Blog, Sutton Mortgage, Contact Sutton 416-896-3333, 905-896-3333 Canada Toll Free 1-800-265-1361

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February Toronto Real Estate Market Update - Historical and Current House Prices

The Toronto Real Estate Board reported 4,120 sales in February 2009 compared to 2,670 in January last month.   Something is in the air for March as this last weekend we experienced a flood of calls plus found ourselves in several multiple offers.   Will this continue?

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Save on your mortgage  Sutton Member Mortgage

The activity could be due to the recently announced of our Sutton Member Mortgage Program dropping their 5 Year fixed mortgage rate to a  historical low of 3.50% and the news last Friday that the Banks were also expecting to lower their mortgage rates.   Considering the historically low interest rates some buyers sitting on the fence are now seriously looking at the attractive house prices and affordable rates.

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Average House Prices in the GTA:

February 2009 the average house price was recorded at $361,305 compared to $382,048 during the same month last year.

Toronto Average House Prices, Mississauga Average House Price, Oakville House Prices

 

The average price for February increased from last months January average price of $343,632.   Does this mean the increased activity and lower rates are going to continue a trend for the Spring?   It’s hard to say, but while these great low mortgage rates are around it does make you think about the age old question:   Should I continue renting or is it time to buy a home?

 

It’s obvious the economic downturn has had an impact in Toronto and the GTA, but we are fortunately on a much more solid foundation than the States and even out West where they experienced a greater housing spike over the last few years.  The GTA had kept a much steadier pace.

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Spring Real Estate Market in Toronto:

Typically the spring real estate market tends to experience more activity and with the Canadian economy experiencing a period of low mortgage rates and strong immigration, this trend could continue.   According to Statistics Canada, we welcomed 247,202 permanent residents in 2008.   That is 70,000 more than in 1998.

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Overview of House Prices in Toronto, Mississauga & GTA.  Historical House Prices at a Glance for the Toronto Real Estate Board.

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Average House Price Chart:

 

historical house price for Mississauga, Oakville, Toronto

Considering Making a Move?

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Check out our Sutton Member Mortgage Program at www.SuttonRealty.com

Thinking of Selling?   Could our low mortgage rate make your home more attractive? 

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For a Free Home Evaluation call us at 905-896-3333

 

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On-Line Home Value Report

 

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Sutton Real Estate Offices: 

Sutton Office Mississauga 905-896-3333

Sutton Office Toronto 416-896-3333

Oakville Line:   905-827-6999

 

 

Sutton Member Mortgage Lowest Variable Mortgage Rate

www.SuttonRealty.com

 

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