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Toronto, GTA Real Estate Market Report, Sales down for March... But what's behind the Headlines?

The Toronto Real Estate Board stats are out and yes, the resale house transactions in the Greater Toronto area continued to have lack luster results during the first half of March.

Sales declined 14 and 18 percent respectively compared to the same time frame from a year ago.    And that's all that seems to make the real estate headlines.  

Ok sales are down, but then why didn't the house prices crumble?  

Running a busy real estate office, I'm on the front lines.   During February and March, I listened as the switchboard overloaded in the morning with realtors making appointments to view our listings.   We confirm the appointments and then by late afternoon it starts snowing and everyone calls to cancel.   We delay dozens of appointments for the weekend only to be snowed out and the cycle of delays continues.

It's not that we don't have buyers, it's just difficult crawling through the streets with 2 feet of snow on both sides and finding safe parking for your clients, freezing outside a home while you are trying to open a frozen lock box isn't pleasant either - for the realtor or buyer.

This week we had a little break in the weather.   And what a difference a couple of sunny days can make.   A listing sitting on the market throughout January and February had a bidding war this week.  Where were the buyers last month?  Shoveling!  We actually had several multiple offers on properties this week, it was a surprise if we didn't have competition at a presentation. 

We were looking forward to a weekend of open houses, we staged several homes in anticipation - but it's not to be, they were sold  within days, not even making it to most consumer websites as there wasn't enough time for the upload feeds.  

It's important to recognize that the winter of 2008 was the snowiest we've experienced since 1939 and there is no doubt that this had an impact.   GTA Buyers and sellers were more focused on shoveling sidewalks and enduring longer commutes than thinking about making a move in real estate.

All this aside house prices in the Greater Toronto Area continued to climb.   The average house price increased 5% and 4% respectively compared to a year ago.   The weather may have slowed down buyers, but house values kept appreciating.  

If you're thinking of buying a home, the timing might be just right to get a head start of the usual spring market rush.

Toronto March House Sale

A sample Toronto Listing that sat through the
 winter months, sells for full price once we
 hit a good weather day.


We welcome you to search Homes for Sale in Toronto, Mississauga, Oakville and surrounding areas on our www.SuttonRealty.com site.    Sellers get an update on the newest home values on your street.  Complimentary Home Staging advice included.



Posted: Friday, March 21, 2008 1:44 AM by Sutton Realty


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