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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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October GTA Real Estate Update - Nobody Predicted This Surprising Outcome
Toronto / GTA Housing Market Predicted to Hit 80,000 Sales
      TREB stats for September showed a 28% increase in sales.   The average price for September transactions was worth $406,877, up by 10% compared to the same month last year.
We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results.


Year-to-date sales, at 66,437 were up 4.5% compared to the first nine months of 2008.   The average price at $388,417, up almost 1.5%.

Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record!  A shocking turnaround from the slow January/February results.  
Its not surprising to hear about all the multiple offers on Toronto houses, but it is rather surprising to see all the competition in Mississauga and Oakville.   As mentioned last month, one of our nicely staged homes received 22 offers in Mississauga and we had to bring along assistants just to help with traffic control.   And this month was no different.   Hot properties brought in 8 - 10 offers, a few even over 20.  
One particular home stands out in my mind this month.   It was listed at fair market value, considering the fact it had no washroom.  Yes, no washroom - the previous owner started the renovations and removed everything, no sink, no tub, no flooring -- offers were held back for a week and upon on the eve of presentations it was like standing in line at the deli.   Take a ticket and wait in line for your turn to present your offer.  Those not going in at $50,000 over asking need not apply.  It was insanity.  
I guess these low mortgage rates are motiving not only the average home buyer but investors are coming back to the marketplace.

Median Price for the Entire Real Estate Board (Toronto & GTA)
In September, the median price was $347,000, from the $322,000 recorded during September of 2008.
Click here for complete Market Watch. pdf



Do You Know Where The Hottest Area Is According To TREB??

According to TREB stats the W23 district, Brampton, has seen the most transaction growth at 3728 transactions year to date. District W26 (Milton North) has seen average sales of $690,072.

 

 Canada's Remarkable Housing Rebound

   Economists are running out of superlatives to describe the rebound in Canada's housing market, in which sales are up 60 percent from earlier this year. 

"The speed and magnitude of the rebound in sales activity" is "remarkable," says the Canadian Real Estate Association (CREA). Association president Dale Ripplinger.

"The difference in the resale housing market now, compared to the beginning of the year, is night and day." 
     

Real Estate Housing Market Forecast For 2009 and 2010

CONTINUED >>>
Don't Miss this Market with an Over-Priced Home

      Perhaps the greatest influencer in getting your home sold is entering the market with a home that's priced correctly.
      Over-priced homes won't get favorable attention; they lose out to the ones that are reasonably priced.

All sellers are looking for the highest price for their home. That's why some sellers want to start at the highest point, maybe even asking a higher price than what they really believe they can get -- the continued readjustment of price can be a humbling ride down to finding the reasonable price to sell the home.

Still dropping the price sounds like an okay strategy, some sellers think.

Here's the problem, today's buyers do mega research on neighbourhoods and what is available.  The internet has an abundance of information at a click of a button.  The number of days a property sits on the market, also has a big impact with today's buyers. 
Happy House Hunting.   Looking forward to seeing the stats for next month.
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Sutton Offices in Toronto 416-896-3333, Mississauga 905-896-3333, Oakville/Milton Line 905-827-6999
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