January 2009 Market Update:
Real Estate activity felt like it came to a near standstill in December as the usual pre-Christmas doldrums were compounded by the prevailing, wait-and-see attitude of most consumers: December's average Days-on-Market of 49 days was 29% longer than last year while the volume of sales was down 45%.
Interestingly, the average sale price across the GTA for 2008 fell only 0.5% from 2007's average.
| | | | % Change | | | | TREB regions map (usually on the back page of the newsletter) |
% Change |
| | 2007 | 2008 | Yr over Yr | | 2007 | 2008 | Yr over Yr |
| | | Central | | | West & East | |
C01 | $352,756 | $370,634 | 5.1% | W01 | $451,950 | $468,332 | 3.6% |
C02 | $703,620 | $723,844 | 2.9% | W02 | $436,110 | $465,265 | 6.7% |
C03 | $835,898 | $785,168 | -6.1% | | | | |
C04 | $720,489 | $719,645 | -0.1% | | | | |
| | | | | | | | |
C08 | $347,471 | $361,912 | 4.2% | E01 | $409,611 | $443,353 | 8.2% |
C09 | $1,090,470 | $1,040,178 | -4.6% | E02 | $495,239 | $519,540 | 4.9% |
C10 | $714,071 | $664,461 | -6.9% | E03 | $356,759 | $368,489 | 3.3% |
C11 | $486,445 | $512,341 | 5.3% | | | | |
C12 | $1,265,707 | $1,315,538 | 3.9% | | | | |
C13 | $376,485 | $370,512 | -1.6% | | | | |
As we go forward, consumers are becoming frustrated with the holding pattern of the past few months: There is a growing need in both Buyers and Sellers to 'get on with it'.
Once the weather eases and the snowbanks shrink, I predict that we will see a significant increase in housing transactions. So... Now is the time to act, before there is increased competition.
Financing: The Banks do have money to lend and are eager to do so.
The key difference today is that they are being more thorough in verifying consumers' credit worthiness and property values.
For those whose personal finances allow them to get involved, there are opportunities in today's housing market that have not been seen in many years!
Mortgage Rates
as at January 16, 2009 Term | Rate |
1 year | 5.60% |
3 year | 5.45% |
5 year | 4.69% |
7 year | 6.05% |
10 year | 6.20% |
Prime Rate - 3.50%
Variable Rate Mortgages @ Prime + 0.60%
I'm here to help. I provide top quality service, excellent process and market knowledge plus strong communication and negotiating skills: With intergrity, care and a dash of humour to boot... YOU deserve no less!
I am actively working to grow my client base and to serve past clients with their next endeavour
For superb Real Estate support...
Linda
416-322-8000
or
LLilley@BosleyRealEstate.com
