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Housing market back to normal

Toronto Sun

A Royal LeP­age House Price Sur­vey released ear­lier this week is show­ing mod­est year-over-year price appre­ci­a­tion across all hous­ing types sur­veyed in Toronto.

On aver­age, con­do­mini­ums wit­nessed the largest year-over-year price increase climb­ing 5.9% to $329,138. Detached bun­ga­lows rose 4.8% to $473,867 while prices for stan­dard two-storey homes increased by 4.6% to $577,119.

Prices have soft­ened since the last quar­ter, but year-over-year gains show that Toronto is a very resilient real estate mar­ket. Last year Toronto was expe­ri­enc­ing an unusu­ally busy third quar­ter in regards to unit sales due to pent-up demand as buy­ers had waited through the spring, look­ing for signs that the eco­nomic slow­down was end­ing,” says Gino Romanese, senior vice pres­i­dent, Royal LeP­age Real Estate Ser­vices Ltd. “We are now see­ing a return to more nor­mal sea­sonal trends in the real estate cycle. The increases are mod­est, but healthy.”

Accord­ing to Romanese, prop­er­ties that are appro­pri­ately priced are sell­ing at a quick pace. Although homes are sit­ting on the mar­ket slightly longer, the aver­age turnover time is still well within the para­me­ters of a healthy market.

List­ings have increased by 25% com­pared to this time last year bring­ing more bal­ance to the mar­ket, says Romanese. “In fact, the year is unfold­ing much as we pre­dicted as the active first half of 2010 gives way to slower mar­kets in the later part of the year.”

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Con­tact the Jef­frey Team for more infor­ma­tion  -  416−388−1960

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One Response to Housing market back to normal

  1. Phil says:

    I sold my Condo while the mar­ket was up last year, now Im look­ing to buy again. I find Con­dos went up in price a lit­tle but I caught a juicy down pay­ment of the sale of my first prop­erty. I find win­ter time is the best time to buy.

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