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.