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Toronto & GTA Real Estate Housing Market Stats for Mid March 2009 Blog

The Toronto Real Estate Board announced 2,565 real estate transactions in the first half of March, that's an increase compared to the 2,044 reported in the first half of February 2009.   

Mississauga House Sales IncreaseLooking back at the 2,670 transactions reported for the entire month of January 2009, mid March's sales are only about 100 behind and we're only at the halfway point.

Toronto and GTA sales can be expected to climb as is traditional for the spring market.    Sellers have adjusted their prices and buyers are enjoying some of the lowest mortgage interest rates ever.

Toronto GTA Average House Prices - 2009

The average price of mls sales was $365,499 compared to $385,405 last year.

The Price Chart below compares the city of Toronto House Prices from March 2008 to March 2009.    It also lists the 905 Area Code House Prices that cover Missisauga, Brampton, Markham, Richmond Hill average house prices for comparison.

You will notice the house price drop in Toronto's 416 area from $409,336 last mid-March to $395,428 to this mid-March.  Its interesting it dropped to just below and average of $400,000, which coincidentially is the max for the excemption for first time buyers paying the second land transfer tax.   Toronto and Ontario Land Transfer Tax Calculators

Mississauga Real Estate House Price Chart

As we move into the spring market, it appears that we are seeing stronger demand for home ownership in the Greater Toronto area.   Buyers are reacting to the market's strong base and newly found affordability.   

Affordability for buying a home has improved over the past few months due to lower house prices, near record lows for mortgage rates and some new government incentives for first time buyers. 

How low can mortgage rates go?    

Our Sutton Member Mortgage just announced they dropped their 5 Year Fixed Mortgage to 3.50%, the lowest I have seen rates go in my history.   

I remember when I purchased my first home, I thought 16% was a bargain when some friends where hanging on to 18 and 22%.    Sutton Mortgage Info

 It will be interesting to see the real estate statistics for the Greater Toronto Area at the end of March.   Stayed tuned.

For those thinking of selling their home - check out our Sutton Member Mortgage program at www.SuttonRealty.com - its a nice offer to provide qualified buyers on your listing.

Call one of our Sutton Real Estate Offices:  416-896-3333 - 905-896-3333 for more info.

 

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