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Toronto Real Estate Housing Market Latest Statistics for the GTA April 2009 Blog, Is it the Perfect Time to Buy a Home?

Toronto Real Estate Board housing market report for April 2009.

How is the Toronto Real Estate resale housing market doing?   With the dimsal housing sales at the start of the year, I never imagined that April could spring back as dramatically as it did.   In April 8,107 sales were reported through the Toronto Real Estate Board.   That figure is still down seven percent from the 8,762 reported in April of 08, but its a healthy figure when taking everything into consideration.

I was just looking up a property in a condo building today on Webb Drive to check out a few stats and the first four lines posted listings as sold condition, sold condition, sold condition ... One of my associates downtown just sold his condo for $285,000 when he didn't expect to see $280,000.   That might not seem dramatic for most but it was a pleasant surprise.  Unfortunately when he went to bid on another property he was faced with multiple offers, 11 offers were registered!   Toronto Condos are still hot!

What is the Average House Price in the Toronto GTA Area in 2009?

Check out the 2009 single family residential average house prices in the Toronto GTA area.

Statistics for Single Family Real Estate Sale Prices i

While these house prices are averages, we've come a long way from the shocker price of January.   The average price for April transactions was $385,641, down only 3% from last year.

Real Estate House Sales Statistics in Toronto and the GTA (including Mississauga, Brampton, York)

Real Estate Sales in Toronto

They say you only know when you have hit rock bottom when you look back on your climb up.

Conditions in the resale housing market have improved markedly this Spring.  House purchases have increased as home buyers have taken advantage of low interest rates and slightly lower home prices. 

The average rate of house price decline continued to diminish last month, so for buyers sitting on the fence these statistics along with low interest rates give you something to think about.

Interest Rate Comparison Chart

Bank of Canada Interest Rates

When you actually look at this chart and compare last years interest rates with todays, you can't help but ask yourself how long will these low rates last?  Maybe it's an opportune time to refinance or move-up to a larger home and take advantage of mortgage rates as low as 3.29% and lock in for 5 years.  

While these low interest rates are great news for borrowers, there are some sad savers out there.  I looked at my Savings Account for April and was shocked to see a whole "0" percent in earned interest.  Yes - zippo, not a cent on my so called Money Saving Account that claims to give you this super high interest rate without having to open a GIC.   And the bonus, interest on the first $5,000 is tax free.  Well, thanks for nothing - no interest obviously means we don't have to worry about the taxes.

So if you are a saver and felt good at the end of each month when you watched your money grow, maybe this is the sign you have been waiting for - maybe its the perfect time to become a homeowner.  

The activity and stats indicate the bad news in real estate seems to be over, at least for Toronto and GTA.   The first week of May sales statistics are extremely promising.   As of May 7th sales transactions hit 2,212 already.   Stay tuned for next months results. 

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Toronto Real Estate, Canada Housing Market.   Check out our Sutton Member Mortgage Program, offering some of the Lowest Posted Mortgage Rates in Canada.

 

Sutton Member Mortgage Lowest Rates

Canada's Lowest Mortgage Rate just dropped again from 3.29 to 3.24%

Posted: Friday, May 08, 2009 2:03 AM by Sutton Realty

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