Posted on: 07-07-09 04:07:37
Haven’t read any good report for a while? Enjoy playing with numbers? Wanted to figure out how the real estate market fared last month (June 2009)…just click the link:
http://www.torontorealestateboard.com/consumer_info/market_news/mw2009/pdf/mw0906
June 2009’s GTA Resale Housing Market report Posted Best June on Record. It dashed hopes of lots of Buyers sitting on the fence hoping for the prices to drop. Well, they are not only now scrambling to buy, but also cursing all those so called “(self styled) experts” who predicted US style drop in prices in the GTA.
Truly, this was unexpected. In the midst of so many depressing news, job losses, market drops and sob sob sob stories, the Resale Housing stats beat all expectations.
Below is the Media Release from Toronto Real Estate Board today:
TORONTO, July 6, 2009 – In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.*
“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and
diverse resale housing market.”
The average price for June transactions was $403,972 – up by two per cent compared to the same month last year.
“The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”
Summary Of June Sales And Average Price
June
2009 2008
Sales AveragePrice Sales Average Price
City of Toronto (”416″
4,362 $441,703 3,481 $433,082
Rest of GTA (”905″ 6,593 $379,008 5,119 $370,559
GTA 10,955 $403,972 8,600 $395,866
* Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year.
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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK
Rajeev,
This emerging recovery market should help everyone involved (Buyers/Sellers/Salesperson). We could all use good news in these tough times.
The numbers look good and hopefully the upwards trend will continue.
Though the real estate boost up, we still doubt about the economy and mortgage rates. If people thinks recession is over and tough time is gone could be true. But if worst time will come, than it will be more worst than before.
Good news is that there is no bad news now a days.
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એક જ ટીપામાં હો જાણે સાત સમંદર,
એવા ઝંઝાવાત હજુ હૈયાની અંદર
Quote:
Originally posted by love_n_peace
Though the real estate boost up, we still doubt about the economy and mortgage rates. If people thinks recession is over and tough time is gone could be true. But if worst time will come, than it will be more worst than before.
Good news is that there is no bad news now a days.
Love_n_peace,
You are very much right. Risk is going to exist forever. Fear and Hope are integral part of our lives and it is entirely up to one's one ability, gut feel and "vision" as to what one should do to answer the question, "Is it right time to buy?". My personal liking in terms of housing market is a balance market where everyone can get a fair return on their investment and the Buyers (specially 1st time ones) are not driven out of the market or have to make a compromise on what they need.
About the current situation, some economists are saying that the worst is over and we should be heading to recovery albeit slow one. Now how much one should believe in them, your guess is as good as mine!
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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK
Calgary - Realtor's telling the truth.
http://www.bobtruman.com/blogs/bob_truman/archive/2009/06/28/it-s-all-down-from-here.aspx
I'm now telling buyers to wait a couple months. We're at the peak price for this year, there's a very poor and limited selection, and there's not much downside to waiting it out. Many buyers with pre-approvals have a guaranteed interest rate that will still be valid in August. Sure, there's 3500 SFH listed for sale, but 90% of them are un-sellable at their present price. That's why there's such a panic when an attractive new listing shows up. A sales-to-new-listings ratio of 80% is the sign of an overheated market.
We'll let things settle down for a while. History tells us the average and median prices will start to drop in July, and more listings will be available soon.
On the other hand, if you're a seller, your window of opportunity is quickly going to evaporate. You've still got some time, but don't dilly-dally.
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How does RE business (positive spin) work behind the scene.
http://www.realestateindustrywhistleblower.com/
http://www.greaterfool.ca/
* I am told by bankers that virtually all of the new mortgages being written for first-time buyers have maximum 35-year amortizations.
* I am told by a CMHC analyst that the average downpayment in Canada (among all buyers), has collapsed to just 6% of the purchase price.
* The combination means a 10% drop in house prices in the next year or two would put all recent buyers into negative equity.
* And I am told by mortgage brokers that lenders routinely apply for high-ratio insurance to avoid appraisals of properties that are not worth the selling price, or to make unrealistic refinancings work. And it’s all approved.
* Our system of government-backed mortgage insurance means most borrowers are okayed, even for huge amounts, since the banks bear no risk. These high-ratio mortgages are securitized as mortgage-backed securities, of which there will be close to $400 billion by the end of the year and $1 trillion by 2011.
* This allows first-time buyers with a combined gross income of $100,000 to qualify for loans of $500,000.
* This has allowed Canadian house prices to rise to historic levels in the middle of a recession while US real estate has lost a fifth of its value in the past year.
* It has created a Canadian real estate bubble more significant than that rendered by the American subprime fiasco – which destroyed billions in middle-class wealth.
* And it is now all supported by artificially-low interest rates, which will not last.
Quote:
Originally posted by Agent Raj
Rajeev,
This emerging recovery market should help everyone involved (Buyers/Sellers/Salesperson). We could all use good news in these tough times.
The numbers look good and hopefully the upwards trend will continue.
