Oakville & GTA Housing Markets Looking Very Positive

By
Real Estate Agent with Realty Executives Plus Ltd., Brokerage

One of the best studies that is done on the market today to test the health of the housing report, is the new House Price Index developed by Teranet in partnership with National Bank.

The new House price index (www.housepriceindex.ca) was launched several months ago and what makes this index so powerful is that they do not use average price data to look at house price appreciation, but use a paired sales approach to show the sales activity for similar homes.

In July, The House Price Index showed positive signs by posting a third consecutive gain in house price appreciation. The chart below shows the information on the index for the Toronto region:

Metropolitan area Index level

 

Market July 09 index

% change

month over month

% change

year over year

year over year from Peak  Peak Date
Toronto            110 +2.2% -4.6% -5.5% Aug 08
National 124 +1.6% -5.1% -5.1 Aug 08

Source: Teranet, National Bank House Price Index - Sept/09

The index shows that house prices while off 5.5% from the peak in August of 2008, are now showing signs of recovery and are starting to make back some of the earlier losses. In the months of August and September, the index will show more positive signs since as a local Realtor we have seen unprecedented activity in the Oakville & GTA market.

What does this index mean for the average buyer or seller:

  • House prices are on the rebound in Oakville and the GTA 
  • Market activity has been strong and properties have been selling quickly 
  • Housing market is looking more positive which will make buyers and sellers more active in the coming months and year

Now is a good time to buy or sell a home. For more information on how I can assist you, please contact me at brian@rightrealtor.ca or 905-693-9575

BRIAN BELL - MBA
Sales Representative
Realty Executives Plus Ltd., Brokerage
905-693-9575
brian@RightRealtor.ca
www.RightRealtor.ca

Comments (1)

Marcia Hawken
WILLIAM RAVEIS - Naples, FL
Naples Luxury Specialist

Brian, Thanks for the info.  I have many Canadian clients in Naples and I like to keep abreast of the Ontario market. 

Oct 06, 2009 08:47 PM