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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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Toronto GTA Real Estate News and Market Update for September 2009

The Real Estate Market in Toronto, Mississauga and Surrounding areas experienced a remarkable rebound.  Over the summer months we slowly watched house prices creep back up.  We're seeing bidding wars again in many parts of the City.     

Its frustrating when there isn't a variety of product on the market.   You need to check the daily mls listings by the hour not to miss out on an opportunity.

Just an example, one of our listings in Mississauga, in the first time buyer price range of approximately $350,000 had 19 registered offers.  We normally don't see this type of bidding war outside of Bloor West and downtown Toronto, but its happening in the suburbs.

We recently listed a condo in the Lakeshore area of south Etobicoke, around the $200,000 mark, it was "staged" and in move in condition.   While it was on the small side at 560 square feet it did have an efficient layout.  Within a few short days we had five competiting offers which resulted in a sale price of over $220,000.

In the first two weeks of September, the Toronto Real Estate Board reported 3,361 sales, up 23 percent compared to the first two weeks of September 2008.  The average price for these transacations was up 8% year-over-year to $393,818.

Year-to-date sales, at 61,676 are up 3% compared to 59,971 in 2008.  Average price at $386,302, is up by one percent from $383,776.

A quick overview of MLS Listings Average Prices in Toronto and the GTA:

Real Estate House Prices in Toronto

We have also noticed a decrease in the number of days a property stays on the market.  This can be frustrating for buyers waiting for a weekend open house, only to find the property sold on a Friday.

The good news for buyers is the amazing low mortgage rates.   Canadian banks are chopping their rates across the board (September 8th) and buyers are taking advantage.  Rental rates are increasing making consumers rethink the math on buying versus renting.  

Bank of Montreal and Royal Bank are offering a special rate of 4.19% on their five year mortgage rate.   Sutton Member Mortgage is currently offering a much lower rate to its qualified buyers.  Check out the latest rates at www.SuttonRealty.com and compare.

Analysts are saying low mortgage rates are helping to turn around the Canadian housing market.  The Bank of Canada is expected to keep its key overnight lending rate unchanged at its current record low of .25%.  That's good news for home buyers and home owners looking to borrow for renovations.

Stay tuned for what we hope is more good news in the real estate market for this fall. 

Visit us at www.SuttonRealty.com or call 905-896-3333 / 416-896-3333. 

Thinking of selling your home and looking for an up-to-date evaluation or appraisal - click here

Information about Selling your home in Mississauga

Sutton Real Estate Office - our stats and views are based on our particular market area - we concentrate on selling homes in Toronto, Mississauga, Brampton, Oakville, Milton and Burlington. We are finding that all these areas are experiencing multiple offers or quick offers on properties we have staged and marketed fully on the internet.

www.SuttonRealty.com

Posted: Wednesday, September 16, 2009 10:58 PM by Sutton Realty

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