Tuesday June 9, 2009

The sales statistics for Toronto showed there were more housing resales in May 2009 than in May 2008.

In the City of Toronto ("416") there were 3,777 sales with an average price of $432,478 in May 2009. In May 2008 there were 3,711 sales with an average price of $434,271.

Note the slight increase in the number of sales and the fact the average price less is than half a percent down from last year. Although this is remarkable, it is consistent with what I see and the reports out of my Bosley Real Estate office.

One of the more significant factors may be the extremely low interest rates. First time home buyers in particular, realize this is the time to buy a house if you have a stable income. The fact that we wont see an U.S. style market crash may have finally sunk in. At no time since the onslaught of the global financial crisis, was there ever a glut of homes on the market downtown causing a price drop.  

The average resale home price has moved in line with last years level because of tighter market conditions experienced this spring, stated Jason Mercer, TREBs Senior Manager of

Market Analysis. Home sales have increased strongly relative to new listings, bolstering home prices. (from the May 2009 Marketwatch)

This environment has created much better conditions to sell your house, particularly  compared to November of last year when nobody wanted to make any moves until they saw some stability in the markets.