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GTA Real Estate in Numbers: January 2010 Resale Housing Market Figures

February 3, 2010


(Source: Toronto Real Estate Board )

TORONTO, February 3, 2010 — Greater Toronto REALTORS® reported 4,986 real estate transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.

“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour.

“Increasingly confident consumers moved to take advantage of affordable home ownership.” The average home selling price in January 2010 climbed 19% to $409,058, compared to 343,632 in the same month last year.

“Expect strong annual growth rates for existing home (and condo)sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”

My commentary: This week there’ve been a number of blog posts and news articles touting the percantage of increase of both the average home prices and percentage of increase in number of sales between January 2010 and Jaunary 2009.  In this case, ‘just the facts’ isn’t the best policy. Everything must be taken in context and we need to look at the bigger picture.

The realities are this:

  • January 2009 was a real estate wasteland – I know, I had to sell a number of properties in January and February of last year and also find homes and condos for my clients who were looking to take advantage of the reduced home values.  The landscape was dismal this time last year – the US housing crash was compounding and people were slashing asking prices and taking their homes off the market left and right.
  • In January 2010 we’re building off a very stong second half of 2009, consumer confidence in the economy is increasing or at the very least showing signs of hope.  Interest rates and mortgage rates are at historic lows for now and people, in particular first-time home buyers, are taking advantage of the situation before a) mortgage rates increase – they have nowhere to go but up; b) the Harmonized Sales Tax (HST)kicks in July 1, 2010. This will certainly have a direct impact on new homes and new condos, but will also have an effect on costs associated with re-sale homes and condos.\

My bottom line? If you’re thinking of selling your home or condo in Oakville, Mississauga or the GTA. Call or email me yesterday and let’s discuss your particular situation asap. With listing inventories at lows right now, your home or condo will be in much greater demand now than come April or May of this year.

Related Reading: “Existing home sales soar 87% in ‘crazy’ January” from The Toronto Star (February 4, 2010)

Ryan Chelak is a real estate broker in Oakville & Mississauga and longtime Oakville resident. Subscribe to my blog to keep up to date on local news, information, events and of course everything you want to know about Oakville real estate.

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