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