Friday, 13 November 2009
Looking for value for your real estate dollar? It's in Pickering!
A recent study by Coldwell Banker Terrequity suggests that Pickering offers the best bang for the buck in terms of GTA real estate value. It reports that a comparable 2,200 square foot home costs about 1/3 the price of what it does in central Toronto. For the full article in the Star, click here.
Beware the coming HST
As TREB president Tom Lebour writes in his column in the Star, the forthcoming harmonization of PST and GST taxes into the HST is going to add significantly to cost of purchasing a home, beyond just the purchase price itself. Read the full article here.
That may (somewhat) help explain the higher than average number of sales as we heading into what has historically been the slow period of real estate sales (Christmas). That's likely a factor, along with historically low interest rates and a significantly lower than normal amount of homes on the market.
That may (somewhat) help explain the higher than average number of sales as we heading into what has historically been the slow period of real estate sales (Christmas). That's likely a factor, along with historically low interest rates and a significantly lower than normal amount of homes on the market.
Monday, 9 November 2009
Market Update: Focus on Whitby
From time to time, I plan to do a sale activity focus on a particular market segment and in this instance, I'll cover Whitby.
In October, 84 of 128 listed detached homes were sold (65%) at an average price of $342,137 [Note: 65% and higher indicates a Sellers' Market]
To compare, in October 2008, 60 of 312 homes were sold (19%) at an average price of $327,104 [Note: Less than 45% indicates a Buyer's Market]
The average Days On Market (DOM)
So several things immediately come to light
To compare, let look at condo townhomes.
In 2009, 11 of 19 (58%) sold for an average $206,355
In 2008, 15 of 31 (48%) sold for an average $206,477
So prices for condo townhomes in Whitby haven't risen much, if at all over last year even though there are almost 40% fewer on the market. Sales are actually down 27% over October last year too, which also helps account for the lack of change in average selling price.
In comparison, across the GTA, the average sale price was up 20% over last year, to $423,559 and the number of homes sold (all types) jumped 64% to 8,476 this year.
~~~
In October, 84 of 128 listed detached homes were sold (65%) at an average price of $342,137 [Note: 65% and higher indicates a Sellers' Market]
To compare, in October 2008, 60 of 312 homes were sold (19%) at an average price of $327,104 [Note: Less than 45% indicates a Buyer's Market]
The average Days On Market (DOM)
- October 2008: 41
- October 2009: 20
So several things immediately come to light
- there are considerably fewer detached homes on the market this year, than last (almost 60% fewer!)
- the actual number of homes sold is up 40% over last year
- the average price is up, most likely influenced by the relative shortage of homes on the market
To compare, let look at condo townhomes.
In 2009, 11 of 19 (58%) sold for an average $206,355
In 2008, 15 of 31 (48%) sold for an average $206,477
So prices for condo townhomes in Whitby haven't risen much, if at all over last year even though there are almost 40% fewer on the market. Sales are actually down 27% over October last year too, which also helps account for the lack of change in average selling price.
In comparison, across the GTA, the average sale price was up 20% over last year, to $423,559 and the number of homes sold (all types) jumped 64% to 8,476 this year.
~~~
Subscribe to:
Comments (Atom)