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Toronto home sales down 11%
GTA Realtors Report On Resale Housing Market
Greater Toronto Realtors reported 1,563 sales during the first two weeks of January 2011 – an 11 per cent decrease compared to the first two weeks of January 2010.
"While off the record pace experienced last January, sales remain high from a historic perspective and market conditions remain tight enough to support a sustainable rate of price growth," said Toronto Real Estate Board (TREB) President Bill Johnston.
The average price for transactions during the first 14 days of January was $413,565, representing a five per cent increase compared to the first two weeks of January 2010.
"Average price growth continues to be supported by a positive affordability picture. A household earning the average income can afford mortgage payments associated with the purchase of an average priced home," said Jason Mercer, TREB's Senior Manager of Market Analysis.
January 20, 2011 in Toronto Real Estate Trends | Permalink
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Comments
The price of homes in the GTA never declines (except if there is a Psychological trauma or a natural calamity)and it all depends on the location and how the way the landlord/seller maintains their house. An unmaintained or neglected home cannot fetch the price comparing to their neighbors. The price neither the home owner nor the real estate agent decides, it is decided by the market only.
Some people they move to northern, western and eastern municipalities assuming the house price is lesser than in the GTA. It is all value proposition only. You have to scarify something to enjoy that or you have to pay for enjoying that.
Finally, the Residential Average sales price YTD:
In 2009 it dropped owing to global recession 9%
In 2010 it increased by 19%
In 2011 (YTD)increased by 4.3%
Posted by: VJ Krishnan | Feb 11, 2011 9:43:25 AM
Houses for sale in Toronto seems way expensive compared to other neighborhood up north. This is the reason why many prospective home buyers preferred finding homes outside the Toronto area. Thanks for the heads up though!
Posted by: Sacramento Realtor | Feb 10, 2011 8:52:36 PM
I see a lot of people arguing over whether or not the house and condo prices/sales will go up or down this year or whether they have gone up or down thus far this year.
It really doesn't make sense to look at an entire country, province, or even region (such as the GTA) and say that prices will go up or down across the board. There will always be parts of a region that will do better or worse than others. These price/sales cycles are inevitable and at the moment I'm still optimistic and I have my own results to prove the reasons I am.
Posted by: Scarborough Real Estate Agent | Feb 9, 2011 3:25:37 PM
Just sold my house to a sucker over asking in Toronto! I am out of the market and renting. Phew! Just in time. Robert Schiller the famed economist who predicted the US crash says that the same will happen in Canada.
http://www.examiner.com/financial-markets-in-toronto/canada-not-immune-to-real-estate-downturn
Posted by: Ahsan Zaman | Feb 9, 2011 12:43:54 PM
Nothing to worry about. It was bound for the numbers to be down slightly given that 2010 was a phenomenal year for the real estate market in Toronto and virtually all of Canada. The changes in the mortgage rules also played a part in these numbers.
Despite these numbers, the real estate market in Toronto and virtually across Canada is stronger than ever. Proof being the fact that there was an increase in building permits of 50% at the end of 2010 in comparison to 2009. This proves that there's still a lot of demand for homes.
Posted by: Linda | Feb 8, 2011 10:59:38 AM
Residential real estate and commercial real estate rates depend on cash liquidity. If liquidity of money will increase into market then will become boom in real-estate but liquidity will decrease into market then will become crisis in real estate market. So real estate market is totally depending on liquidity.
Posted by: Melbourne Office Space | Feb 8, 2011 4:19:32 AM
It is not expected that sales would be on its height in the first two weeks of the year. The market sales performance might boost out in midyear.
Posted by: Barrie Real Estate | Feb 6, 2011 9:28:02 AM
Sales in the GTA are taking a hard hit. Sales have been down seven months in a row. Seven months of falling sales. Realtors love to spin lies for truth. We know they are all scum who lie. IMO
Posted by: Pete | Feb 4, 2011 11:54:51 PM
"While sales might be down you might find that specific areas (ie: Richmond Hill) are experiencing an increase. "
Areas like Richmond Hill are experiencing an increase because people can't afford a place in Toronto anymore. More people are moving north because houses there are cheaper.
Posted by: Phil | Feb 4, 2011 12:41:07 AM
Sales are down Jan 2011 VS Jan 2010 by 20%. The housing crash is getting worse and sales are CRASHING. You realtor scum know it but choose to LIE.
Posted by: Pete | Feb 3, 2011 4:27:47 PM
It is important to focus on location rather than the overall market results. While sales might be down you might find that specific areas (ie: Richmond Hill) are experiencing an increase.
Inventory levels have been tight and it is expected that there will be an increase of homes being listed and sold in the near future.
Research is the key, don't follow the crowd!
Best regards,
Shayle Rothman, B.A.(hons), J.D.
Parnes Rothman Real Estate Lawyers
www.ParnesRothman.com
Posted by: Parnes Rothman | Feb 2, 2011 6:30:57 AM
Let's stop all the hating here and all the name calling towards Realtors and Mortgage brokers. One's personal experience should not allow generalizations such as 'scumbag cons'. Our market IS doing well, and just because our numbers for home sales aren't the same as last year does not reflect anything negative. It's January for Pete's sake, who likes moving their stuff in the snow? No one! So come back and re-asses the situation come April when the new mortgage rules have been in effect to prove we are doing well.
Posted by: Toronto Condos For Sale | Feb 1, 2011 1:59:21 PM
The RE crash continues in the GTA since sales are down over 20% in June , July , August , September , October , December and now January sales are going down over 11% in mid-january and from what realtors are saying will end up being a yet another drop in sales. Realtors are worried and many are spreading lies like you see on this blog. realtors know the scam/housing ponzi is up. The housing crash is getting worse by the month. Sales have been DOWN each and EVERY MONTH since June 2010. That is a FACT and you criminal realtors know it.
Posted by: Pete | Jan 29, 2011 4:07:24 PM
Great post, I do Property Management St John's
Posted by: peter | Jan 27, 2011 8:07:40 PM
Hi! This is such a great article and I am sure a lot of entrepreneurs are going to benefit from this. I have been giving advice like these to many up and coming business people and have been successful so far.
Posted by: Melbourne Office Space | Jan 26, 2011 2:13:14 AM
Realtors are true scumbag cons who lie and misinform people. Realtors are not the only people to blame. Mortgage brokers are just much a con as a realtor. Realtors will be hated and blamed for the housing crash after march.
Posted by: Pete | Jan 24, 2011 10:43:11 PM
Well, at least now we got a "fun" discussion... ;-)
We just sold another listing, $5K over list in Markham, in just 2 days!
2011 will definitely have a record 1st quarter at the very least and we can say this confidently.
@ Kakumani -- unfortunate position to be in, but let's be honest with everyone: you bought in '09 and are selling not even 2 years later? What were you thinking??
Here at TheRealtorGroup.ca, we educate our clients and teach the public that when they purchase, expect to be there for at least 5 years. Additionally, yes, some Realtors and Bankers do in fact "lie with no fear" -- this is actually the case with all professionals, and all people for that matter; some are honest, others are not. It's unfortunate that you got burnt in a previous instance and now your overall impression of all others in the same field has been tarnished. Hopefully, you'll never get a bad haircut because if you do, you may never get another one and will probably become a hairy old fart... ;-)
Our clients trust us, so when they tell us they want to move to Brampton, we recommend the more eastern sections/hot pockets and not so westend. "Big Picture" -thinking is our agenda because we know one day, we'll be helping you sell that very same property.
Check us out @ www.TheRealtorGroup.ca or "Like" us on FB: www.Facebook.com/TheRealtorGroup
Mase & Sam
Re/Max Ulimate Realty Inc., Brokerage
TheRealtorGroup.ca
Posted by: Mase | Jan 24, 2011 10:09:58 PM
@Dattaman... Thanks for the heads up. It should be interesting to see if this comes true.
Posted by: Pablo Edwards | Jan 24, 2011 5:55:46 PM
@ Kukamani - well of course no one wants to buy your house in Brampton.
IT'S IN BRAMPTON fer crying out loud. I mean, god lord. Brampton.
(I'm only being insincere because you're holding others responsible for decisions you made).
Posted by: Geoff | Jan 24, 2011 3:32:39 PM
Just lost my house because these criminals realtors/bankers who lie without fear. Lost everything after buying in 2009 Brampton. Lost my job and all. Could not sell for EIGHT MONTHS and even after putting price down to even money.No one wanted to buy and I lost. Realtor told me to out bid and now no one wanted to buy from me. Beware of realotrs and bankers.
Posted by: Kakumani | Jan 23, 2011 10:32:56 PM
Mase & Sam
What you just said is a typical canned response of a real estate agency. Even if the economy would be in depression you guys would still preach to buy real estate. I wonder if you know anything about objectivity.
Funny you said Australia, cause that is the most overpriced real estate market in the world. You guys just don't get that real estate markets around the world were goosed by low interest rates and disregard for the amount of total debt that is taken by a person while during that time the person actual income barely increased on average. Obviously some countries such as US, England, Spain, and Ireland are experiencing the effects of gorging on debt (high leverage).
No real estate market is immune to corrections and you can clearly see that from history, no matter how hard governments try to intervene.
Posted by: Finance | Jan 23, 2011 6:51:32 PM
Ooh, that's quite different here; we've started out our year quite good on the West Coast. I wish for you that it picks up in your market too. With greetings from the BC Sunshine Coast.
Posted by: Menno van Driel | Jan 21, 2011 5:24:28 PM
Funny post from the realtor above. Double digit sales declines for 6 months and they call it fanatastic! Well if they are doing well then some other realtor is hurting twice as bad.
Also interesting their point on them working to pull sales forward like last year ahead of new rules. Expect April's market to be dead as a doorknob. All sales will have been pulled forward by that time and it will be time for price declines.
Posted by: Ahsan Zaman | Jan 21, 2011 1:57:26 PM
You're site is ALWAYS so "Doom and Gloom" and consistenly outdated that it disgusts me to read it at times. Yes, numbers were down a bit last month (always our slowest month, with this whole Christmas-thing going on...)
But come on! If you (or anyone on your staff) were actually on the frontlines of MY industry, you'd know the market is CURRENTLY doing fantastic, especially with the new amortization rules coming into effect and Jan/Feb's numbers will show how well we actually did, which you'll probably blog about sometime in April.
Bottomline: interest rates are still low, prices aren't bad and our economy is doing great (relatively speaking). We have the most sound Real Estate market in the world (perhaps, second to only Australia) and this site has nothing but negative insight.
Not sure what you're angle is but try catching up with our fast-paced market and step your game up.
Sincerely,
Mase & Sam
Re/Max Ulimate Realty Inc., Brokerage
TheRealtorGroup.ca
Check a current and relevant blog for useful info:
www.Facebook.com/TheRealtorGroup
Posted by: Mase | Jan 21, 2011 1:37:17 PM
Average prices for detached houses in the 416 area were down 1% year over year. Seems with that and with recent mortgage rule changes, we can expect further price declines in 2011.
Posted by: Dattaman | Jan 20, 2011 8:02:15 PM
