Real Estate Watch
While some areas saw a remarkable increase in sales in July, average sales numbers dropped slightly in most areas throughout Canada. Homeowners continue to see a healthy return, however, it is taking a little longer to achieve a sale, and the average time on market has increased slightly, due to the fact that there are more choices available to homebuyers.
In the City of Toronto 3,132 sales were recorded, down 14% from the 3,640 transactions in July 2007, but up 10% from the 2,852 sales recorded two years ago in 2006. Comparing July 2007 with July 2006, a period before the Toronto Land Transfer Tax went into effect in Toronto, sales increased 28%.
In July, certain neighbourhoods throughout the GTA experienced a remarkable increase is sales activity. Whitby, Brampton, Uxbridge recorded a 23-25% increase in sales compared to a year ago, based primarily on semi-detached home sales. The Annex recorded a 29% sales increase due to strong detached home and condo sales.
“While homeowners continue to see healthy returns, it is taking slightly longer to achieve a sale. The average time on market has increased to 33 days compared to 31 days a year ago,” said Ms. Maureen O’Neill, President of the Toronto Real Estate Board. “This may be due to that fact that there are now more choices available to the homebuyer. There are currently 26,543 active listings: a 28% increase from a year ago.”
The average number of days on market for a residential property sold in June was 46, only slightly higher than the 44 day average from June 2007.
“With the market stabilizing, there has never been a better time to be looking for a home,” added Ann Cosens, RAHB President. “Consumers have more properties to choose from and less pressure to make a quick decision. Prices continue to rise yet the market has a lot to offer all buyers.”
For sellers right now, you’ll need every bit of expertise and knowledge from your Realtor to establish a competitive price. Your agent will show you how your home stacks up with the vast number of comparable homes on the market and he/she will make recommendations as to its presentation, price and marketing strategy to ensure it gets sold.
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Contact the Jeffrey Team for more information - 416-388-1960
