The figures for November have come in and as was expected the number of transactions in the GTA are 13 per cent lower at 6510 in November 2010 from 7,446 in November 2009.
On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100.
Though we have seen a tightening of the resale market in the GTA... the market continues to be healthy with the average price is up five percent compared to November 2009 at $438,030.
More recently, on my listings, I have seen in the past few weeks a lot more Buyer showings. There was a lull from Mid-October to Mid-November but consumer's are showing confidence in the Canadian Housing Market.
Last weeks RBC Q3 report showing that homes were more affordable in the third quarter may be helping Buyer's confidence and getting them back in the market. It also helps that the Bank of Canada is holding the overnight rate at 1%. This will continue to keep the Mortgage rates low and keep housing affordable for the average family in the GTA.
So what should be expect in 2011?
Well, Jason Mercer, TREB's Senior Manager of Market Analysis says we should "expect the average selling price to grow at a moderate pace". In other words... we have a balanced market and it is a great time for Buyers to buy, upgrade, downsize or invest and Sellers to put their house or condo on the market.
While you are in the Christmas, Holiday spirit, please take a moment to support Habitat for Humanity and making your tax deductible donation. Receipts will be e-mailed to you. Thank you for your generosity.
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Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629 O: 950-471-0002 F: 905-471-7441
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© 2010- Jas Jagpal,
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
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