| We have two different markets out there it appears. One for the 416 area code and another for the 905. Though over all stats show an average price increase, year over year for July by 4% to $477K from $459K and a decrease in sales by 1.5% to 7,570 from 7,683. The real picture is quite different. If you are living in the 416 area: Sales of Detached Homes (- 4%) ; Semi-detached (- 14%), Townhouse (- 5%) ; Condo Apartments (-13%). If you are living in the 905 area: Sales of Detached Homes (- 1%) ; Semi-detached (+2%), Townhouse (+24%) ; Condo Apartments (-2%). Clearly semis and townhouses are selling like hot cakes in the 905 area code. NEW and ACTIVE LISTINGS: This is significant as we have 16% more active listings in July 2012 than 2011 and added 12% more new listings in July 2012 than 2011. The direct impact of this will be greater competition in the market place. It will become harder to sell homes. Days on the Market to sell will increase thus softening prices and also making it more difficult for For Sale By Owners, or discount brokers to sell homes. If the trend continues we will start hitting a Buyers market I'd say by the winter. MORTGAGE RATES (July 2012): Chartered Bank Fixed Rates: 1 year - 3.10%, 3 year - 3.95% 5 year- 5.24% (not discounted rates) AMORTIZATION PERIOD: There is a misconception out there that there are only 25 year amortization mortgages. This only applies to CMHC approved mortgages where people pay less than 20% down payment. For those paying 20% or more, lenders can still give 30 year amortization. So you should be concerned about the market? I don't think so. With low interests projected to last for many years and our overall economy in decent shape, we should expect stability in the market for the foreseeable future and not crazy price increases we lived through the past two years. If you are thinking of Selling get a FREE Market Evaluation. Sincerely, Jas Jagpal, Broker 647.272.6629 jasjagal@gmail.com |
| Buy / Sell / Invest in Condos. Toronto Condo Real Estate! |
Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc. He has formed 2 teams. One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA. No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.
Choose Results, Honesty & integrity. Choose Team Jas Jagpal.
Jas Jagpal, Broker 647.272.6629 jasjagpal@gmail.com Office: 905.471.0002
Jess Jagpal, Sales Representative jessjagpal@gmail.com 416.312.9742
Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale
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