Fall Real Estate Update

Sales in Mississauga and the Greater Toronto Area have reflected the global economic situation. The housing market for the first half of October has slowed. The number of sales in the GTA has decreased 18% compared to the first half of October 2007.

Compared to sales that took place in the same period a year ago, in Toronto, sales are down 21% and in the 905 Region (Mississauga, Brampton, Oakville) - sales are down 16%.

House prices have also declined. The average price of a GTA home is currently around $353,000, down 11% from the same period in 2007. Specifically in the City of Toronto, the current average price is around $375,000. This is a 15% decrease from the average recorded at mid-October 2007. In the 905 areas, the average price of a home is currently around $337,000. This is an 8% decline from the first half of October 2007.

Current properties listed on Toronto MLS have increased. There are now 30% more homes available to choose from as compared to 2007. With more choice and selection and lower home prices it is a buyers market. Homes on the market now average 34 days to sell compared to 29 days a year ago with the sales price around 97% of asking.

Although sales have decreased in the GTA, specific pockets have reported increases. For example, affordable housing remains strong. Such as in Brampton West where sales in the first half of October increased 21% compared last year due to strong attached row housing sales. Also certain areas downtown Toronto such Toronto East have experienced a 16% overall increase with a high volume of condominium apartment sales.

After the record sales and house price of 2007, this year is a buyers market.

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