Real Estate Market Update | October, 2010

It’s that time again! Time for a Toronto Real Estate Market update.

As we know, the beginning of 2010 started off strong. Up until September, sales transactions totaled 69,069, up by 4% compared to last year. As we begin the last quarter of the year, we are starting to see a balancing of the market. Prices are starting to stabilize and as Realtors we are seeing more and more price changes on listings on the MLS. September was the beginning of this slow down with 6,310 sales through MLS compared to 8,196 sales for September of ‘09.

During the first two weeks of October, 3,012 sales occurred through the MLS. This is about 17% less than the same time last year however, year to date sales are up about 3% from last year with 71,988 sales.

Although transaction numbers are down for October, the average selling prices is up! Mid October average is at $444,644, up about 7% from just the beginning of October.

Sellers, this means when selling your property for sale, price it properly and have it staged. Although average selling prices are up, there are less buyers so its important to make a good impression.  See my Home Staging Tips.

Buyers, you can take your time in finding the perfect home, as the market is slowing down. Interest rates also still remain low, so make sure to have your mortgage broker lock you in if you are looking to buy in the near future. If you need a mortgage broker contact Son of a Broker, Chris Molder.

If you are looking to buy or sell Toronto Real estate, Contact me.

* Statistics from Market Watch, Sept 10, 2010 and October 18, 2010 News Release from Toronto Real Estate Board.

For a copy of TREB’s Market Watch, contact me below.

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