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Toronto Real Estate Housing Market Stats Blog For March 2009. Have Sales Bottomed, Is it Time to Buy?

The Toronto Real Estate Board statistics are in reporting 6171 sales in March 2009.  That’s good news on the real estate front as we are only seven percent down from March 2008. This represents the smallest year over year decline in the last 5 months.  

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In fact, over the past 2 months, the situation in the housing market has improved.   Sales in March increased at a rate over and above what would be expected from the normal spring-time bump. 

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Sales rebounding check out the Toronto MLS sales chart. 

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From November 2008 we decreased in the number of sales to a low in December.  January reported sales started the year off slow again, but looking back on the data it seems we bottomed out in December, with a gradual and consistent increase in sales ever since.  Refer to the chart to see for yourself.

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Toronto Real Estate Sales chart for 2009

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Number of Days a home is on the Market is an indicator of the health of our real estate market.

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So if you are watching for signs of a recovery, note the figures for the “number of days on market” fell from February 2009 to March 2009 from 45 days in February to 40 days in March.  In the good old days 32 days was a good rule of thumb in a sellers market.

    

Extremely low interest rates and a great selection of product have home buyers getting back into the market.

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A greater number of households have taken advantage of increased affordability in the housing marketplace.    With house prices down from last year and interest rates at historical lows, it’s about 20% cheaper to own a home in the Toronto and GTA area.

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Average House Price for the GTA in March was $362,052

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The average price of a house in the GTA has recovered in March to just 5% less than in 2008 at this time, which is a nice improvement from the start of this year.

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Toronto, Mississauga House Prices for 2009 

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Is it time to buy?   Has the market bottomed out? 

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Looking at the indicators (sales, days on market, prices) and the cost of Toronto’s rental rates it sure is tempting to get back into the housing market.  If you are still nervous watch the April statistics, another month of positive rebound figures may give you the statistical data to help you move forward with confidence.

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If you are a first time buyer don’t forget to take advantage of the new and improved government incentives.

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Sellers thinking of putting their house on the market, take advantage of the Federal Government renovation rebates to help make those repairs and improvements.

Give us a call for a list of programs that can help buyers and sellers at 416-896-3333, we're happy to help.

Visit us any time at www.SuttonRealty.com

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Check out our Sutton Member Mortgage Program – Lowest Posted 5 Year Fixed Mortgage or compare our variable rate at www.SuttonRealty.com

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