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Toronto home sales down 20%
Listings of residential real estate for sale up 21%.
Greater Toronto Realtors reported 4,139 sales through the Multiple Listing Service® (MLS®) during the first two weeks of June 2010. This represented a 20 per cent decrease compared to the 5,185 sales recorded during the same period in 2009. New listings increased by 21 per cent annually to 7,985.
“The pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010,” said Toronto Real Estate Board President Tom Lebour.
“Due to higher mortgage carrying costs, sales in the second half of 2010 will not be as high as what was experienced during the last six months of 2009.”
The average price for June mid-month transactions was $437,039 – up seven per cent compared to the average of $407,716 recorded during the first 14 days of June 2009. “The seller’s market conditions experienced during the first few months of the year have given way to more balanced conditions. Home buyers are experiencing more choice,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “With more choice in the market place, price growth is starting to slow.”
Source: Toronto Real Estate Board
June 16, 2010 in Toronto Real Estate Board | Permalink
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Comments
I am very delighted to know all the ideas of it.The RE market in the GTA is more of a ponzi then anyone can imagine.I wish things remain the same till I own one estate for me as well.Thanks for sharing.
Posted by: electric guitars | Jan 9, 2011 11:20:03 PM
It seems that HST is becoming an issue with this.
Posted by: Philip Kirkopoulos | Sep 16, 2010 6:13:35 PM
Being unrealistic about the value of your property, the motivation of your potential buyers, and the market conditions could lead to being stuck in a situation with a property that has been extensively marketed and still does not sell, despite discounts to the price.
Posted by: GreenlightProperties | Aug 29, 2010 12:16:24 AM
Thanks for providing the informative post.I was wondering this stuff of information only.I am very delighted to know all the ideas of it.Thanks for sharing.
Posted by: Estate Agents Manchester | Aug 27, 2010 5:30:26 AM
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Posted by: Toronto Property Management | Aug 24, 2010 3:37:29 AM
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Posted by: Toronto Condos for Rent | Aug 24, 2010 3:36:41 AM
POLICE STORY II is an excellent example of this; it continues only a portion of the original film’s plot – mob boss keeps trying to take Jackie down – and also establishes its own storyline involving a mad bomber.
Posted by: Toronto Condos for Sale | Aug 24, 2010 3:35:57 AM
Price growth is slowing...
Houses are selling below list price a.k.a. no bidding wars
More houses to choose from...(Sales to Listings Ratio is trending down...
more here
http://takloo.wordpress.com/
Posted by: takloo | Jul 8, 2010 4:14:58 PM
Thanks for keeping us up to date in Toronto. We are seeing the need to drop prices just to get houses moving. It helps in every aspect from closing, to lending, to peace of mind.
Posted by: Home Mortgage Kansas | Jul 5, 2010 12:56:58 PM
It's quite the game isn't it and like anything it's those who play it wisely that will come out on top. So many people are trying to cash out but not all will succeed. Best of luck to all of you and thanks for the insight.
Posted by: Nancy | Jul 5, 2010 9:18:55 AM
Guys the key to how much further the market goes lies in how much more banks can lend.
As of May 2010, banks and credit unions have 607 billion of residential mortgages on their books. Another 297 billion is off the balance sheets in CMHC mortgage backed securitization.
That makes a total of 1 trillion+ in residential mortgages. Will the credit market accept more or is that the boiling point?
Posted by: Voice of reason | Jun 30, 2010 10:03:54 AM
@ Kevin - I assure you I'm not a realtor, just telling you what I've seen. Go to the house near my home on Roanoke Avenue (DVP/LAwrence) and you'l lsee the sold sign on the lawn.
What is your uncle's address?
I think grandiose statements like "the crash is going to be really bad" are fairly ineffective. Although I have maintained that a market correction in Toronto of 10% is likely, the truth is I've been thinking that for a t least 2 years now. The fact that listings are up and sales are down is not, accordiing to guava.ca, a unique occurence so I'll need more evidence than that.
Posted by: Geoff | Jun 30, 2010 8:11:09 AM
It's the end of the bubble as home listings continue getting higher by the day and sales have really slowed down to a stand still. You can tell who the realtors on this blog are with their lies of sales. My uncle hasn't been able to sell his home even though his home is listed $50000 cheaper then any home in the area. Every house in the that area for the past two months have all just sat on the market without one being sold. Three or four months ago everything in that area would sell in days. It's over for the housing bubble and the crash is going to be really bad. Sorry realtors you will all need to find another job.
Posted by: kevin | Jun 28, 2010 5:43:07 PM
It's the end of the bubble as home listings continue getting higher by the day and sales have really slowed down to a stand still. You can tell who the realtors on this blog are with their lies of sales. My uncle hasn't been able to sell his home even though his home is listed $50000 cheaper then any home in the area. Every house in the that area for the past two months have all just sat on the market without one being sold. Three or four months ago everything in that area would sell in days. It's over for the housing bubble and the crash is going to be really bad. Sorry realtors you will all need to find another job.
Posted by: kevin | Jun 28, 2010 5:43:07 PM
I think @Geoff is on to it. Houses will always sell, you just have to be willing to make it appealing, and price has a lot to do with it!
Posted by: Pablo Edwards | Jun 25, 2010 7:32:35 PM
Geez from some of the comments you'd think there's no activity.
House near my street on Roanoke has 'sold' sign on the post after the first open house this past weekend. Things are still selling, if they're price right (which has always been the case).
Posted by: Geoff | Jun 23, 2010 5:09:12 PM
Shelter vs. investment. The shattering of myths takes a long time and is painful. http://qedrealestate.wordpress.com/2010/06/21/if-i-didnt-have-a-brain/
Posted by: QED Real Estate Consulting | Jun 23, 2010 10:44:42 AM
We could see this coming with the HST and the mortgage rates climbing. People have made their moves and others don't have the down payments so it will get worse before we even out.
Posted by: Don Edmunds | Jun 22, 2010 7:01:13 PM
Looking to get out of this market. My realtor tells me the market is quit and buyers have run away. I bought 10 years ago so I can price my home lower then all the other homes in my area. Looking to cash out and rent as well for a at least one year. If I can not sell i can hold since I am not maxed out on credit like the other 90% of home "ownwes" who bought with 5% or less the past two years or so. A young couple in my area are on the verge of going bankrupt if they don't sell. I wonder how many thousands of other are looking to sell be fore they go bust?
Posted by: frank | Jun 22, 2010 5:08:04 PM
Sold my house two weeks ago to a young clueless couple. Looking to rent for the next two years and watch the price of houses fall back to 3 times income. Anyone can see housing in Toronto is in a huge bubble and it will fall. Goodluck to those buying at the peak.
Posted by: George | Jun 21, 2010 11:19:33 PM
The RE market in the GTA is more of a ponzi then anyone can imagine. Those who are caught in the housing crash will find out just how big Canada housing ponzi has become. Look out below
Posted by: cindy | Jun 21, 2010 7:50:13 PM
Been having trouble trying to sell my place . Listings in my area continue getting higher as people are trying to cash out of this housing bubble. Been trying to find a sucker to buy my overvalued home with no luck. This housing crash is going to be bad.
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Posted by: Paul Salamanca | Jun 21, 2010 1:07:23 PM
Thanks for the info. I wish things remain the same till i own one estate for me as well.
Posted by: Keiran | Jun 21, 2010 8:35:39 AM
Very nice real estate stuff I ever seen! Thanks for the info.
Posted by: Terra Condo | Jun 17, 2010 3:36:05 AM
