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The Miller Report - January 2010

Happy New Year!

Complete Recovery In '09 - 2010 Looks Good!

2009 Started very slowly in real estate as a result of the sub-prime mortgage fiasco centered mostly in the U.S. and echoed around the globe.
Fortunately, the Canadian Banking system remained strong during this period and the Bank of Canada dropped interest rates to historical lows to stimulate the economy.
This bold move worked like a charm and by mid year the real estate market was experiencing
substantial gains which continued for the remainder of the year.

2010 is now upon us and the real estate market is off to a brisk start in the Greater Toronto Area. Momentum from 2009 with low interest rates and price increases has continued into the new year. This win-win situation is hard to beat; sellers get a good price for their home while buyers save on the interest rate which affects their payments.
2010 also has buyers and sellers trying to understand the proposed Harmonized Sales Tax (H.S.T.) which is expected to be implemented in July 2010. Please give me a call for further details on how the H.S.T. could affect your home purchase and/or sale.

Here is your Real Estate Report to the end of 2009...

Real Estate Market Strong!
 

January 6, 2010 -- Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 - a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

"After a slow start to the year, existing home sales rebounded during the second half of 2009," said TREB President Tom Lebour. "As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada."

The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.

"Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter," said Jason Mercer, TREB's Senior Manager of Market Analysis. "A greater supply of listings in 2010 will see home prices grow at a sustainable pace."

From The Toronto Real Estate Board (TREB) Market Watch. TREB includes: York, Durham, Peel and part of Simcoe Regions.

Contact The Jay Miller Team today!

Helping you make informed decisions!