December 2009 Real Estate Update
When we review the GTA 2009 real estate market, we see that although it started out slow, it really picked up and rebounded in the summer months and in the final part of the year, resulting in a 17% increase of the number of real estate transactions over 2008.Although it did not break the record set in 2007 of 93,193 transactions, the 2009 year was able to have sales amount levels 87,308. This result included 5,541 sales in December 2009.
Consumer confidence improved throughout the year, and many made a move to take advantage of extremely low mortgage rates. The average home price in 2009 climbed four per cent to $395,460.
The average time for a home to remain on the market in December 2009 was about 27 days. This is down 18 days compared to December 2008 because of the strong consumer confidence. We see the increase of confidence for homebuyers that are now purchasing.
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July 2009 had 16,915 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA. In comparison, July last year had 26,543 properties listed for sale. This indicates a large declined inventory compared to inventory levels last year. The average time for a home to remain on the market was about 33 days in July 2009. This was down 3 days compared to July of 2008. Reduced inventory and decreased time on the market is an indication that market conditions are greatly improving in regards to Mississauga and Toronto and GTA Real Estate.
Looking at the numbers so far for 2009, year to date sales of 50,632 are down 1.2% compared to the first seven months of 2008, and the average home price just down less than 1% at $385,808.
We see the increase of confidence for homebuyers that are now purchasing. Many have taken advantage of housing affordability in the GTA. Many homebuyers have taken advantage of extremely low mortgage rates that have bolstered sales.
June 2009 was the best June on Record. There was 18,704 homes listed for sale in Toronto, Mississauga, Brampton, Oakville and GTA compared to June last year, where 26,697 properties had been listed for sale. This indicates a declined inventory compared to inventory levels last year of over 8000 units. The average time for a home to remain on the market was 33 days in June 2009. This was down 1 day compared to June of 2008, but reduced by 2 days compared to last month. Reduced inventory and decreased time on the market are strong indications and signs that market conditions in the GTA are improving.
When comparing home prices, the average price for a home in June of this year was 403,972. This is up by 2% compared to June 2008. The average resale home price is up as there is less inventory and more buyers with a reemergence of a sellers market. Also many homebuyers have taken advantage of low mortgage rates that have bolstered sales.
May 2009 had 21,524 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to May last year, where 27,267 properties had been listed for sale. This indicates a declined inventory compared to inventory levels last year. However, the average time for a home to remain on the market was about 35 days in May 2009. This was up 4 days compared to May of 2008, but reduced by two days compared to last month. Reduced inventory and decreased time on the market could be an indication or one sign that market conditions are slowly improving. 
Also, the number of sales was up by 2% with 9,589 sales in May of 2009 compared to 9,411 in May of 2008 in the Greater Toronto Area. This is the first the increase in home sales in some time. When comparing home prices, the average price for a home in May of this year was 395,609. This is only down 1% compared to May 2008. The average resale home price is close to last years price because of tighter market conditions. Also many homebuyers have taken advantage of extremely low mortgage rates that have bolstered sales.
April 2009 had 23,515 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to April last year, where 24,530 properties had been listed for sale. This indicates that inventory declined for the first time this year compared to inventory levels last year. This could be an indication or one sign that market conditions are slowly improving. However, the decreased in inventory did not result in a faster turn around time for home sales.
With the tightening of inventory on the market, the price decline of resale homes continued to slow in April 2009. The Mississauga Real Estate market has done fairly well in these difficult economic times and we see the number of transactions continue to rise. Even with current market conditions, buyers and sellers were interested in making a deal along with current low interest rates. With the springtime here, the housing market will typically experience more sales activity and it's a buyers market as we are seeing lower prices.
March 2009 had 23,642 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to March last year, where 20,533 properties had been listed for sale.
February 2009 had 21,440 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to January last year, where there were around 18,018 properties listed for sale.
