May 2009 Real Estate Market Update

May 2009 had 21,524 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to April 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.

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.

Planning to make Buy or Sell?
Call Leif Kalaas - Your Right at Home Realty Inc. Realtor

April 2009 Real Estate Market Update

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.

The average time for a home to remain on the market was about 37 days in April 2009. This was up 10 days compared to April of 2008 because of the current market conditions. Although the number of sales was down by 7% with 8,107 sales in April of 2009 compared to 8,762 sales in April 2008 in the Greater Toronto Area, when sales numbers are compared to the previous month, we see a sharp increase of over 2000 more home sales. When comparing home prices, the average price for a home in April of this year was 385,641. This is down 3% compared to March 2008.

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.

Planning to make Buy or Sell?
Call Leif Kalaas - Your Right at Home Realty Inc. Realtor

March 2009 Real Estate Market Update

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.

The result has been that the average time for a home to remain on the market was about 40 days. This is up 10 days compared to March of 2008 because of the increased inventory and the current market conditions.

Although the number of sales was down 7% from March of 2008, this represented the smallest decline in the last five months when comparing last year to this years numbers with the Greater Toronto Area recording 6,171 sales in March 2009. When comparing home prices, the average price for a home in March of this year was 362,052. This is down less than 5% compared to March 2008.

The current market conditions have resulted in fewer sales and lower home prices, but as we can see from these numbers, the Toronto Real Estate market has done fairly well in these difficult economic times. The market real estate market continues to have a reasonable number of transactions. Even with current market conditions, buyers and sellers were interested in making a deal.

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 and more choice.

Planning to make Buy, Sell or Rent?
Call Leif Kalaas - Your Right at Home Realty Inc. Realtor

February 2009 Real Estate Market Update

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.

The result has been that the average time for a home to remain on the market was about 45 days. This is up 15 days compared to 2008 because of the increased inventory and the current market conditions.

The current market conditions have resulted in fewer sales since there were 4,120 sales reported in February 2009 compared to the same month a year ago that recorded around 6,015 sales.

As we can see from these numbers, the market continues to have a reasonable number of transactions. Even with current market conditions, buyers and sellers were interested in making a deal. The seasonal nature of the housing market with the springtime approaching, also typically tends to experience more activity.

It's a buyers market as we are seeing lower prices now on the market and more choice. The average home price in February 2009 was around 361,000 compared to 382,000 in February 2008.

The Mississauga and Toronto Real Estate market has followed the broader economic slowdown as sales have declined and active listing remain high. While the economic downturn has had an impact, the GTA housing market continues to become more affordable with less expensive home prices and low mortgage rates.

Planning to make Buy, Sell or Rent?
Call Leif Kalaas - Your Right at Home Realty Inc. Realtor

January 2009 Real Estate Market Update

January 2009 had 20,450 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to January last year, where there were around 15,900 properties listed for sale.

The result has been that the average time for a home to remain on the market is about 49 days. This is up 13 days compared to 2008 because of the increased inventory and the current market conditions.

The current market conditions have resulted in fewer sales since there were 2,670 sales reported in January 2009 compared to the same month a year ago that recorded around 5,075 sales.

Of those 2670 sales, 1,106 took place in Toronto compared to 2,128 in January 2008. In the 905 area (Mississauga, Milton, Oakville, Brampton, and other areas), 1,564 sales were recorded, from 2,947 last year.

It is noteworthy to mention that sales for January a year ago may have been elevated by the flurry of transactions completed before the City of Toronto land transfer tax went into effect.

Home and Condominium Prices are becoming affordable. The average home price in Toronto as of January 2009 was around $364,415 compared to $404,202 in January of 2008. In the 905 Region (Mississauga, Oakville, Brampton, and other areas) the average price recorded in January of 2009 was around $328,935 vs. $352,965 recorded in January of 2008. It's a buyers market as we are seeing lower prices now on the market and more choice.

There has also been an increase of rental transactions in the Greater Toronto Area. When comparing from September 1st 2008 to December 31 2008, there was around 3,400 rented condominium apartments and townhouses. This represented an increase of 30% since only 2,635 transactions were recorded during the same in 2007. This increase is likely from economic conditions and from rental listings in the many newly constructed condominium apartment buildings.

The Greater Toronto Area Real Estate market has followed the broader economic slowdown. As sales have decline and active listing remain high this historically leads to increased choice and a moderation in price growth.

With a good supply and inventory of homes, low interest rates and more affordable prices, these are providing a good reason for buyers to enter the real estate market. The average family is now able to qualify for a mortgage on a more moderate priced home.

Planning to make Buy, Rent or Sell?
Call Leif Kalaas - Your Right at Home Realty Inc. Realtor

December 2008 Real Estate Market Update

December 2008 had 19,000 homes list for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to November last year, where there were around 13,000 properties listed for sale.

The result has been that the average time for a home to remain on the market is about 45 days. This is up 10 days compared to 2007 because of the increased inventory and the current market conditions. The current market conditions have resulted in fewer sales since there were 2500 sales reported in December 2008 compared to the same month a year ago that recorded around 4600 sales.

Home and Condominium Prices are becoming affordable. The average home price in the Greater Toronto Area in December 2008 was around $361,000 compared to $394,000 in December 2007. In the 905 Region (Mississauga, Oakville, Brampton, and other areas) the average price recorded in November 2008 was around $341,000 vs. $360,000 recorded in November of 2007. It's a buyers market as we are seeing lower prices now on the market.

With a good supply and inventory of homes, low interest rates and more affordable prices, these are providing a good reason for buyers to enter the real estate market.

Planning to make a move?
Call Leif Kalaas - Your Right at Home Realty Inc. Realtor

November Real Estate Market Update

In November 2008 there were over 27,000 homes listed for sale on Toronto MLS compared to last November where there were 18,000 properties listed for sale. The result has been that the average time for a home to remain on the market is about 41 days. This is up 10 days compared to 2007 because of the increased inventory and the current market conditions.

These current economic conditions have continued to make homes affordable, with a good supply of inventory and interest rates at historic lows. This is providing good reasons for buyers thinking of entering the market to make a move.

Home prices are at affordable prices. The average home price in the Greater Toronto Area in November 2008 was around $368,000 compared to $393,000 in November 2007. In the 905 Region (Mississauga, Oakville, Brampton, etc) the average price recorded in November 2008 was around $353,000 vs. $358,000 recorded in November of 2007. It's a buyers market as we are seeing lower prices now on the market.

Planning to Buy and Purchase a home or condominium?
Call Leif Kalaas - Your Right at Home Realty Inc. Realtor