Richmond Hill and Toronto Real Estate for July 2010

Real estate in the Greater Toronto Area started exceptionally strong in the early months of 2010 and we are now seeing the "give back" as a result.  There was a 34% decrease in sales volume for the month of July, relative to July 2009, but at the same time the total sales for the year are about the same as the sales in 2009 up to and including July 2009.  The Summer months often see a slight dip in sales volumes, especially in the higher end homes, and I expect to see a fairly slow August with the markets picking up again in September and the fall.  It is my opinion that a lot of this years market changes are the result of the H.S.T. implementation and the perceptions of significant increases in the cost of buying and selling homes.  Similar to when the G.S.T. was implemented, it will likely not be too long before people understand what those costs really are and then become accepting of those costs and the fact that they are not about to disappear any time soon, if ever. 

In the Richmond Hill real estate markets (TorontoMLS® districts N03, N04 and N05) there was a decrease in volume of close to 50% but the average sale price increased significantly in both N03 and N04 with only a slight decrease in the average sale price in the North end of Richmond Hill (N05).

Overall the supply of available homes has started to rise to levels that would be good for a balanced market if the volume of sales was closer to the "norm" for this time of year.  So if you are looking to buy now is a great time to be looking.  As a buyer you have a large selection to choose from, but don't expect to see huge reductions on prices.  Of the 662 freehold listings that are currently available (as of my search a few minutes ago while writing this) only 131 have had any price changes, which is quite reasonable under even the best market times, and the average sale price is still around 97% of the asking price in the Richmond Hill, Ontario, districts.  It is very important to know what is a reasonable price for a given home in a given area as some sellers will always over price there homes, with big hopes for an uneducated buyer.  For that you do need a good REALTOR® who will show you the comparable home sales as well a show you enough homes so that you can feel comfortable that the home you are buying is really worth what you are paying for it.  Granted that when you are buying a home for the long term a particular home may be worth more to you than to others but you need to know what is a reasonable asking price so that you can decide if any extra costs are acceptable when balanced with you personal needs.  For that you need good information and a REALTOR® who doesn't try to push you in a direction that you do not feel is right.  A good REALTOR® helps you to remember what you have stated are your goals and helps you to focus on the pro's and con's of any decision that you are trying to make without imparting their own biased views, or their desire to have a sale, on to you.

Please feel free to contact me if you are looking for information on real estate in the Greater Toronto Area or if you are looking to buy or sell your home in Richmond Hill, Aurora, York Region or anywhere in the GTA.