It has been a very busy week. It started off with a great client finding the perfect house which meant that they had to sell their current home. So we listed their home Monday night and by Thursday we had multiple offers. Things were going so fast I didn't even get a chance to blog about their home. To top it off several other clients have been looking and every time I make a list of 5 or 6 places to see, by the time I get the showings booked 2 will be sold conditionally and another is likely to have a registered offer.
There are still some very nice homes available and prices are still good, but buyers must be prepared to make quick decisions about whether a given house is the right home for them in order not to miss out.
As for sellers, this fall the real estate markets seem to be heating up as the weather cools off. So, don't worry about waiting until spring if you really want to move now. I think this year is going to beat most of the expectations from the real estate industries forcasters.
Monday, November 02, 2009
Richmond Hill Real Estate in September 2009
The Greater Toronto Area real estate markets are finishing off the year with a boom. September 2009 had 8,196 homes ( both freehold and condominium) through the Toronto Real Estate Board's (TREB's) MLS® system with an average sale price of $406,877.
In the Richmond Hill MLS® districts there were 225 detached homes sold out of 403 available homes with an average sale price, for the three districts, of $627,700. This is a huge jump up from last years 126 homes sold in the Richmond Hill districts and a mere 6,424 homes sold in the GTA in 2008.
Now is a great time to buy or sell a home in Richmond Hill, Aurora or anywhere in the Greater Toronto Area.
In the Richmond Hill MLS® districts there were 225 detached homes sold out of 403 available homes with an average sale price, for the three districts, of $627,700. This is a huge jump up from last years 126 homes sold in the Richmond Hill districts and a mere 6,424 homes sold in the GTA in 2008.
Now is a great time to buy or sell a home in Richmond Hill, Aurora or anywhere in the Greater Toronto Area.
Friday, September 18, 2009
Toronto Real Estate Market Recap for 2009
First A quick update on this years Toronto and GTA real estate markets. Most of us recognized that 2009 started off as a very slow year. Buyer's were nervous and their savings had been decimated or worse. But the real estate market started to bounce back in March. The Total number of home sales on the Toronto Real Estate Board's MLS® system in March, April and May 2009 were only slightly lower than the 2008 numbers, before the markets started to slow down.
Real estate was far hotter, this summer, than the weather. June 2009 set an all time record for most homes sold, in the month of June, with 10,955 home sold. July was only just short of 10,000 home and August put in a very respectable 8,035 home sales. This compared with 2007 is only 24 less than the number of homes sold, in the Greater Toronto Area, for August and the average sale price was up over $26,000 from August 2007 to August 2009 at $387,921.
This year there have been more sales in the first 8 months that in the same month for 2008 despite the sluggish start. September is shaping up to be another good month for home sales with over 3,300 sales in the first half with an average sale price of $393,818.
This is proof that the Toronto area real estate markets have weathered the global downturn and that there never was a bubble in our prices. What we experienced last fall and winter was due to people being nervous about the economy, mainly the American economy, and the possible outcomes of the US election. Now that confidence is rising we are well placed to home values rise again at a reasonable level.
Real estate was far hotter, this summer, than the weather. June 2009 set an all time record for most homes sold, in the month of June, with 10,955 home sold. July was only just short of 10,000 home and August put in a very respectable 8,035 home sales. This compared with 2007 is only 24 less than the number of homes sold, in the Greater Toronto Area, for August and the average sale price was up over $26,000 from August 2007 to August 2009 at $387,921.
This year there have been more sales in the first 8 months that in the same month for 2008 despite the sluggish start. September is shaping up to be another good month for home sales with over 3,300 sales in the first half with an average sale price of $393,818.
This is proof that the Toronto area real estate markets have weathered the global downturn and that there never was a bubble in our prices. What we experienced last fall and winter was due to people being nervous about the economy, mainly the American economy, and the possible outcomes of the US election. Now that confidence is rising we are well placed to home values rise again at a reasonable level.
Wednesday, October 29, 2008
The Sky is Falling
The Doom and Gloom predictors are at large these days, telling everyone that real estate prices in the Greater Toronto Area are going to drop. And they may, however any price decrease should be minimal and short lived. The one thing that is going against the real estate markets in the Toronto area, including Richmond Hill, Aurora and all of York Region, is low consumer confidence. Unfortunately this low consumer confidence issue is mostly unsubstantiated. Yes the stock market has had a major correction and the DOW Jones looks like an EKG chart but most of the economic factors that support a strong real estate market are still here.
One of the biggest misconceptions currently going around is that the real estate markets have slowed down to the point of being a strong buyer's market. It is true that the number of sales in 2008 are lower that 2007 and even a little off of 2006 numbers. However, historically speaking the sales volume is still very high. A great analogy for our market sales was given at the Toronto Real Estate Board's annual general meeting on Monday Oct 27th. It was that the 2007 real estate sales were like driving on the 401 at 150 clicks (obviously not during rush hour) and now we have slowed down to 120 Kph. We are still moving very fast but it seems slow compared to what we were going. As it is the Toronto area real estate markets are still aiming for about 80,000 sales in 2008 which is a volume that was only reached starting in 2004, so historically still very high.
They also talk about rising inventory levels. However the inventory levels in the Toronto real estate markets is still under 4 months supply. This means that if no new homes are put on the market and sales remained the same it would only take 4 months to run out of available homes. This is well within the range that indicates a balanced market not a buyer's market. So unlike some areas in the U.S.A where there are as many as 12 months supply, we are far from over stocked in homes. We may not see huge increases in price this year but if people don't panic then we also should not see major price reductions, except on homes that are over priced to start with.
Other factors to consider are mortgage rates which are still very low, and unlike some areas of the U.S.A. mortgages are still readily available here in Canada. Speaking of mortgages, our banking systems are much different here in Canada when compared to the U.S.A. and as a result are in a much stronger position than their counterparts south of the boarder.
Also consider that unemployment is still very low, and the rate of foreclosure is only about 0.25% according to CMHC as compared to 1992 when it was close to 6% and currently in the States where foreclosure rates are close to 20%. It is believed that the number of speculative buyers is significantly lower than back in 1989 so that should not be a huge flood of homes on the market especially since our rental markets are still very strong. We also still have a large volume of new immigrants into the Toronto areas, creating demand for homes both in the rental and purchasing sectors.
All in all our economy is healthy but it is being rattled around by uncertainty. Now is actually a great time to buy a home as it is a much better investment that the current stock market, unless you can correctly guess which way it will move today, and because some sellers and their agents are buying into the hysteria and looking at and even accepting offers that are lower than would have been the norm a few years ago. It is also expected that our economy will start growing again as early as 2010 so buy now and for the long run (5+years ) and you should see a good return on your investment especially over renting.
For real estate help in Richmond Hill, Aurora, York Region and Toronto please visit my website or call me at 416-278-2335 and start finding the right home for you.
One of the biggest misconceptions currently going around is that the real estate markets have slowed down to the point of being a strong buyer's market. It is true that the number of sales in 2008 are lower that 2007 and even a little off of 2006 numbers. However, historically speaking the sales volume is still very high. A great analogy for our market sales was given at the Toronto Real Estate Board's annual general meeting on Monday Oct 27th. It was that the 2007 real estate sales were like driving on the 401 at 150 clicks (obviously not during rush hour) and now we have slowed down to 120 Kph. We are still moving very fast but it seems slow compared to what we were going. As it is the Toronto area real estate markets are still aiming for about 80,000 sales in 2008 which is a volume that was only reached starting in 2004, so historically still very high.
They also talk about rising inventory levels. However the inventory levels in the Toronto real estate markets is still under 4 months supply. This means that if no new homes are put on the market and sales remained the same it would only take 4 months to run out of available homes. This is well within the range that indicates a balanced market not a buyer's market. So unlike some areas in the U.S.A where there are as many as 12 months supply, we are far from over stocked in homes. We may not see huge increases in price this year but if people don't panic then we also should not see major price reductions, except on homes that are over priced to start with.
Other factors to consider are mortgage rates which are still very low, and unlike some areas of the U.S.A. mortgages are still readily available here in Canada. Speaking of mortgages, our banking systems are much different here in Canada when compared to the U.S.A. and as a result are in a much stronger position than their counterparts south of the boarder.
Also consider that unemployment is still very low, and the rate of foreclosure is only about 0.25% according to CMHC as compared to 1992 when it was close to 6% and currently in the States where foreclosure rates are close to 20%. It is believed that the number of speculative buyers is significantly lower than back in 1989 so that should not be a huge flood of homes on the market especially since our rental markets are still very strong. We also still have a large volume of new immigrants into the Toronto areas, creating demand for homes both in the rental and purchasing sectors.
All in all our economy is healthy but it is being rattled around by uncertainty. Now is actually a great time to buy a home as it is a much better investment that the current stock market, unless you can correctly guess which way it will move today, and because some sellers and their agents are buying into the hysteria and looking at and even accepting offers that are lower than would have been the norm a few years ago. It is also expected that our economy will start growing again as early as 2010 so buy now and for the long run (5+years ) and you should see a good return on your investment especially over renting.
For real estate help in Richmond Hill, Aurora, York Region and Toronto please visit my website or call me at 416-278-2335 and start finding the right home for you.
Monday, December 17, 2007
Provincial Land Transfer Tax Refund Extended
The Province of Ontario has just announced that it is extending the land transfer tax refund for first time buyers of newly constructed homes to now include resale homes. This means that first time home buyers can now save up to $2,000 on a resale home purchase. The legislation for this rebate has not yet been passed, but any first time home buyer that enters into an "agreement to purchase and sale" on or after December 13th, 2007 is entitled to a rebate of up to $2,000 once the legislation is passed.
The City of Toronto has also up dated their new land transfer tax so that first time home buyers should not have to pay the land transfer tax on the first $400,000 of their home purchase at all. Previously any first time home buyer who is buying a home that is priced over $400,000 had to pay the full tax up front and then get a rebate for the tax paid on the first $400,000. Under their new system, which they hope to have in place before Feb 1st 2008 when the tax starts, first time home buyers will be able to pay only the tax owing on the balance of the purchase price minus $400,000.
The City of Toronto has also up dated their new land transfer tax so that first time home buyers should not have to pay the land transfer tax on the first $400,000 of their home purchase at all. Previously any first time home buyer who is buying a home that is priced over $400,000 had to pay the full tax up front and then get a rebate for the tax paid on the first $400,000. Under their new system, which they hope to have in place before Feb 1st 2008 when the tax starts, first time home buyers will be able to pay only the tax owing on the balance of the purchase price minus $400,000.
Saturday, November 10, 2007
Toronto Area Mortgages
Well I did it! I took the plunge and took my business and added to it to make a more seamless service to help my clients get better results, quicker and more efficiently. I have now added mortgages to my real estate service by becoming a Mortgage Agent with Mortgage One Solutions Ltd. a member of The Mortgage Centre.
Now you can get a great wholesale mortgage rate with terms that best meet your needs. Get your pre-approved mortgage quickly and easily. Best of all, I work for you not the banks, top that off with the fact that my main purpose is to help you buy a home, or sell your home by providing mortgage approvals to qualified buyers; so I am not concerned about finder's fees and I will concentrate on just getting you the best mortgage for your needs.
Looking to renew, refinance or consolidate debts? I can help you with that with the same emphasys on exceptional service and great mortgage products.
I protact your record by only pulling your credit once when I shop your mortgage application to over 40 lenders for the best rates. Including most of the big banks, although some of them only deal with mortgage brokers through subsiduary businesses, I can often get you the same or better rate that you can get at the banks. Another benefit is that I don't just let you fill in the blanks and press submit. I work with you and your situation to get you mortgage approved and if there are issues that are blocking your application, like outstanding debts, I will go through your report with you and help you to get your credit record back on track.
Happy house hunting!
Now you can get a great wholesale mortgage rate with terms that best meet your needs. Get your pre-approved mortgage quickly and easily. Best of all, I work for you not the banks, top that off with the fact that my main purpose is to help you buy a home, or sell your home by providing mortgage approvals to qualified buyers; so I am not concerned about finder's fees and I will concentrate on just getting you the best mortgage for your needs.
Looking to renew, refinance or consolidate debts? I can help you with that with the same emphasys on exceptional service and great mortgage products.
I protact your record by only pulling your credit once when I shop your mortgage application to over 40 lenders for the best rates. Including most of the big banks, although some of them only deal with mortgage brokers through subsiduary businesses, I can often get you the same or better rate that you can get at the banks. Another benefit is that I don't just let you fill in the blanks and press submit. I work with you and your situation to get you mortgage approved and if there are issues that are blocking your application, like outstanding debts, I will go through your report with you and help you to get your credit record back on track.
Happy house hunting!
Toronto and York Region Real Estate Markets Update
2007's real estate markets seem to be unstoppable. Once again October sets a new Toronto MLS® record for the number of homes sold smashing the previous October record (Oct 2003) by 10% and sending the total home sales, for 2007, over 81,500 homes sold. That is just 1,500 short of the final number of homes sold in 2006 with two months to go, in which we would usually expect to see about 10,000 sales more. On top of that the sales volume in Toronto are expected to be extra high in November and December as home buyers are trying to avoid the new municipal land transfer tax which comes into effect on homes purchased after January 1st, 2008 and closing after February 1st, 2008.
The average purchase price for a home on the Toronto MLS® system in October, 2007, was $394,646 up from last October's $356,423.
In Richmond Hill's 3 MLS® districts (N03,N04 and N05) there were 396 homes sold with the majority (211 homes) in the South end (N03) with a high number of Condominiums and an average sale price of $408,291 where as in the North end (N05, Oak Ridges down to Gamble Rd.) the there were only 68 homes sold, mostly detached home, with an average sale price of $491,850.
Toronto home's averaged $522,800 for the 1,602 homes that sold in October. That said there are still areas where you can get a detached home for under $400,000.
Real estate markets in the Toronto area and York Region are still very strong and it is still expected to continue being strong with stead price increases for the next few years. Making now a great time to buy or move if you haven't already.
If you would like more information feel free to contact me or fill out a "home search request" or " Home Evaluation request" on my website www.AndrewHodgeREALTOR.com
Talk to you soon.
The average purchase price for a home on the Toronto MLS® system in October, 2007, was $394,646 up from last October's $356,423.
In Richmond Hill's 3 MLS® districts (N03,N04 and N05) there were 396 homes sold with the majority (211 homes) in the South end (N03) with a high number of Condominiums and an average sale price of $408,291 where as in the North end (N05, Oak Ridges down to Gamble Rd.) the there were only 68 homes sold, mostly detached home, with an average sale price of $491,850.
Toronto home's averaged $522,800 for the 1,602 homes that sold in October. That said there are still areas where you can get a detached home for under $400,000.
Real estate markets in the Toronto area and York Region are still very strong and it is still expected to continue being strong with stead price increases for the next few years. Making now a great time to buy or move if you haven't already.
If you would like more information feel free to contact me or fill out a "home search request" or " Home Evaluation request" on my website www.AndrewHodgeREALTOR.com
Talk to you soon.
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