Thursday, November 05, 2009

October GTA Real Estate Reports Strong Growth in sales

This is the October report for TREB for the average prices and the number of sales, both were very strong last month.

TREB Reports Strong Growth in October MLS Transactions

TORONTO, November 4, 2009 - In October 2009, Greater Toronto REALTORS® reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 – up by 20 per cent compared to the same month last year.

Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008.

Average price, at $392,264 was up by almost three per cent. "After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year."

"Strong sales growth has occurred across many property classes – from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour. "The highest rate of sales growth in October was experienced for properties selling for over $750,000. In contrast, luxury home sales declined at an above-average rate last year."

Read more: http://www.mississauga4sale.com/TREBprice.htm

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

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Posted by Mark Argentino at Thursday, November 05, 2009
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3 comments:

  1. These transaction numbers are unsustainable in my opinion. This reminds me of 2005 in the States, where everybody was rushing to buy real estate. Especially the first time buyers. The only reason the market rebounded so strongly this year is that you have low interest rate environment and CMHC is financining a lot of the deals hance I think the banks are willing to let to more risky lenders as they can off load their risk to CMHC. Bottom line the MBS market in Canada is not that much different from the one in the States.
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  2. The bond market will force the central bank to raise interest rates at some point, so people who have VRMs will face higher costs to support their mortgage.
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  3. Hi, thanks for your comments. I understand how you feel about the numbers being sustainable, I've had others email me and say the same thing. What I've found is that the numbers seem to peak and then hold steady for a few months and follow the regular annual cycles of ups and downs. Time will tell if the numbers sustain themselves, almost looks as if there is no end in sight and we know this is not the case.

    All the best,
    Mark
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