As expected, March was a good month for home sales, as the Toronto Real Estate Board reported the sale of 6,171 homes sold, significantly more than the 5,700 that I expected. Why are the sales so high? I believe that everyone was holding their breaths, waiting for things to get really bad. With nothing drastic taking place for Canadians in January and February, people decided to “take their life off hold” and get on with the task of living. Consequently, the malls are busy, people have started buying cars, and the Toronto & GTA real estate market has become very active.
| Housing Market Indicators | |||
| Mar. 2008 | Mar. 2009 | % Change | |
| Sales | 6,631 | 6,171 | (-7%) |
| New Listings | 13,643 | 13,352 | (-2%) |
| Active Listings* | 20,533 | 23,642 | (+15%) |
| Days on Market | 30 | 40 | (+33%) |
| *All figures for single family dwellings | |||
Is the recession over; are we back to a normal market? The answer is yes and no. No the recession is not over, yes we are back to a normal market, pre 1999! A Buyers market, with 1 out of 5 listings selling, a market where a home has to be priced correctly and professionally marketed in order to sell. A market where buyers have a variety of homes they can consider purchasing without the time pressure of doing it immediately.
April is shaping up to be a phenomenal month at Realtron. Our in-house mortgage representatives have given out record amounts of pre approvals, meaning that buyers want to buy and are expecting to buy.
There will still be bad news forthcoming from the USA that will shake some people’s confidence, however, April and May will be very busy months for the real estate market in Toronto & the GTA.
Have a Great Month!
Fergus
Note: The latest market news can also be obtained through my weblink at www.fergussharpe.com/realestatenews