The real estate market is heating up! My unscientific survey on some parts of the GTA's real estate market.
The real estate market appears to be heating up. In fact in some areas it's quite robust with some multiple offer situations; I have seen it happen recently in Mississauga, North Toronto and East York. In fact in Northwest Mississauga (W20) for the period of April 1-7, 2009, the average sold price for all transactions (condos and freehold) was $390,207.00. The average sold price for the same period in 2008 was $367,911.00. Another example is in Etobicoke from the lake up to Hwy 401 (W6, W7, W8, W9), the average sold price for the period of April 1-7, 2009 for all transactions (condos & freehold) was $459,519. The average sold price for the same period in 2008 was $449,279. North of the city in the Richmond Hill area (N3, N4, N5), the average sold price for the period of April 1-7, 2009 for all condo and freehold transactions was $441,738. The average sold price for the same period in 2008 was $437,105. In East York (E1, E2, E3) the sold price for all transactions, condo and freehold for the period of April 1-7, 2009 are down to $395,637 from $447,843 for April 1-7 2008, but sales are slightly ahead of last years pace. From April 1-7, 2009 there were 77 sales while from April 1-7, 2008 there were 71 sales. Here's an example of a big jump in prices. In North York, the area bounded by Hwy 401 on the south, the York region border to the north, Yonge Street to the west and Victoria Park Avenue to the east (C12, C13, C14, C15) the average sold price for the period April 1-7, 2009 was $553,016 compared to $466,596 for the April 1-7, 2008 period. However, sales for the same period are lower; 65 for 2009 vs. 92 from 2008. In North Toronto and Leaside (C10, C11) sold price was down to $612,832 for April 1-7, 2009 from $643,573 for April 1-7, 2008. However, the number of sales were pretty much even with 25 from April 1-7, 2009 vs. 28 from April 1-7, 2008. Downtown Toronto was weak for some reason during this period. For the period of April 1-7, 2009 there were 50 sales with sold prices averaging $364,264 vs. for the period April 1-7 2008 where sales totaled 98 and the average sold price was $395,179.
Granted one week does not a trend make, but it does show signs of stability in the real estate market. It appears that those who have been sitting on the fence have started to jump down and get into the market. While there have been recent layoffs, there are still thousands of people with secure jobs and they are coming back out. It may not be the time wait and see, if you are considering a purchase. By the way, I'd be happy to help you sell your current and/or help you find your next home!