Luxurious, Elegant & Cozy!

Now Is That Good or Bad?

As anticipated in the present financial atmosphere, home buyers last month across the GTA reacted to the negative climate with reluctance to support previous home prices.  The number of sales in October was down one third from 2007 and prices across the Toronto area were an average of 10% below October 2007.  The Toronto Real Estate Board reported a greater drop in the city of Toronto that in the suburban area... 13% vs. 8%.  Perhaps the new Toronto city land transfer tax had something to do with that?

While we are prone to label such a market "bad", that moniker may not be as deserved as you think. It depends on your viewpoint.  Houses may not continue to sell at the same inflated price levels... and at the same pace... as they may have earlier this year, but that is not all bad. A more relaxed market takes a lot of stress out of the process and gives buyers the luxury of seeing a home they like one day... sleeping on their decision... and still having the opportunity to buy it the next day... without the likelihood of being involved in multiple offers.  While sellers may have to accept less... they'll love it when they in turn are on the buying end.  Those who have sufficient equity may also find the opportunity they have been waiting for to move up to the dream home that was previously out of reach.  Here is an example...

Assume for a moment that real estate prices in a given area have dropped 10%.  A home selling previously for $400,000 may now go for $360,000... a drop of $40,000.  On the other hand, the owners may have had their eyes on a home in the $500,000 range but couldn't see their way clear to spend the extra $100,000.  After a reduction of 10% that home is now just $450,000.  The new difference of only $90,000 may be comfortably within the reach of our buyers.  Of course, a drop in excess of 10% would only bring the prices closer... and as we have always known when trading automobiles, it is the difference that counts.

Closing costs calculated on a percentage basis, such as real estate fees, would also be significantly lower... as would land transfer taxes.

If you have thought of moving up for awhile, there may be no time like the present to make your move.

For Homes for Sale in Meadowvale, Mississauga, Brampton and Oakville see Sell My Home in Mississauga Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

A glance at this month's graph of resale home prices across the GTA will reveal that May followed the anticipated pattern, with 9, 411 sales of single family residential dwellings.  As Toronto Real Estate Board President Maureen O'Neill suggested, "A 9000-plus sales month is certainly indicative of a healthy market."  While the number of sales fell below last year, the number of listings was also down, leaving the supply and demand balance fairly similar to previous years.

 The second thing to note is that from the end of May through August, it is traditional for prices to decline.  This is usually due to many factors, including the fact that during any given two-week period in these months, a substantial percentage of the population is on vacation... including Realtors.  Most families anticipating a move before school begins in the fall organize their moves by the end of May, thus reducing the demand... and supply... in the summer market place.

    If you are planning a move in the next few months, you should be prepared to be a bit more competitive in your listing price that you might have been 60 days ago, however, when you buy, you will likely make up the difference. You will also be able to take advantage of the very low interest rates now offered... which, in the long run, can affect your carrying costs more than a few thousand dollars difference in price.

For Homes for Sale in Meadowvale, Mississauga, Brampton and Oakville see Sell My Home in Mississauga Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

Fabulous Fletcher's Creek Home!
28 Tiller Trail, Brampton, ON L6X4R2
	Beautiful Semi-Detached in Fletcher's Creek Neighbourhood with Private Balcony, Fully Fenced. Large Deck for Entertaining. Beautiful Interior Boasts Hardwood & Ceramic Floors, Eat-in Kitchen, Spacious Principle and Secondary Bedrooms, Finished Rec. Room with Cold Cellar and Fresh Paint. Fantastic Home in Central Location. Minutes from School, Shopping and all Amenities.Move-in Condition!!!
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Details		Contact Info
Asking Price: MLS: Bedrooms: Bathrooms: # of Floors: Garage Size: Subdivision: Year Built:	$283,000 W1387056 3 3 2 2 Fletcher's Creek 1999		Gail Reeves Sales Representative Main 905-812-8123 Dir 905-785-7282 Email | Website Other Shows
Property Amenities
- Microwave - Washer/Dryer - Dishwasher - Fireplace - Hardwood floors - Basement - Balcony	- Deck - Grass Lawn - Yard - Fenced Yard - Central A/C - Central Heat	- Walk-in closet - Tile floor - Living room - Bonus/rec room - Dining Room - Breakfast nook

For Homes for Sale in Meadowvale, Mississauga, Brampton and Oakville see Sell My Home in Mississauga Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

If you have been following the news for the last few weeks in Mississauga and other areas of the GTA, some reporters are reporting that the real estate market "bubble" has burst. Those of us in the trenches on a daily basis are not seeing any declining trends as reported by most newspapers. A real estate bubble is defined in wikipedia as "a type of economic bubble that occurs periodically in local or global real estate markets. It is characterized by rapid increases in valuations of real property such as housing until they reach unsustainable levels relative to incomes and other economic elements".

This is not we are experiencing in the real estate market here in Mississauga.

The GTA housing market shows signs for a healthy remainder of the 2008 sales year compared to the slower first quarter of sales activity.

Although sales were moderate in April at 8,762 houses sold in the Greater Toronto Area, prices were up. Prices continued to appreciate in April, with the GTA average home price of $398,678. This is up by 7% compared to April last year.

The market continues to remain a sellers market with several neighbourhoods experiencing strong sales activity in April.

April's numbers show we are headed for a relatively moderate/strong spring Toronto and Mississauga Real Estate market.

For Homes for Sale in Meadowvale, Mississauga, Brampton and Oakville see Sell My Home in Mississauga Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.