Canada Mortgage and Housing Corporation (CMHC)published an excellent review of the rental market in the Greater Toronto area.
They report an overall shortage of rental units in Toronto. The portion of interest to me is that the rental suites provided by individual investors through offering their condo suites for rent, is a key component of the supply. In Toronto core the rental occupancy as fallen to about 1.0% having been as high as 5% a few years ago.
Fewer purpose-built rental buildings are being built in Toronto.
Read the whole report here.
I can help people to rent out their Toronto condo suites and I help tenants find excellent condo suites to live in.
Friday, December 12, 2008
Friday, December 05, 2008
Toronto Real Estate Prices for November 2008
Don't believe everything in the media. Don't get the wrong news about real estate home prices in Toronto as of November 2008! It's time to check the real numbers.
For November 2008, the Toronto Real Estate Board monthly statistics report stated that there were 3,640 sales in November 2008 and that the average monthly sales price across the GTA was $368,582.
(Click on chart to see it in a larger size)
So what does this mean? Sales are down by 50% from the level of activity at this time last year. Prices are down 6.4% from a year ago, but wait, prices are actually up 4.4% from the $352,974 average of the month prior! Wow! Who is reporting on the rising home prices in the GTA?
Now is a great time to be a home buyer in Toronto. Given the reduced number of sales right now, there are some great opportunities for buyers. It is not a good time to be a seller hoping to maximize the value of their home. Sellers are not seeing a lot of showings happening on their homes and they are not seeing many offers or multiple offers. The only people selling their homes right now are pretty motivated home sellers. They wouldn't be selling if they didn't need to be. Thus, sellers are happy to see any offer that comes their way and are going to find a way to make an offer successful.
Now is the time for action if you have the ability to buy, without selling first. perhaps you are renting and wondering when to buy into real estate. Perhaps you are an investor that owns and rents out properties. Now is the time to be taking advantage of the market opportunity. Not six months to a year from now, right now!
Let me know how I can assist you. I'm here to help. www.RealEstateHelpDesk.ca
Call me at 416 577-5486 or contact me at ralph@RealEstateHelpDesk.ca
For November 2008, the Toronto Real Estate Board monthly statistics report stated that there were 3,640 sales in November 2008 and that the average monthly sales price across the GTA was $368,582.
(Click on chart to see it in a larger size)So what does this mean? Sales are down by 50% from the level of activity at this time last year. Prices are down 6.4% from a year ago, but wait, prices are actually up 4.4% from the $352,974 average of the month prior! Wow! Who is reporting on the rising home prices in the GTA?
Now is a great time to be a home buyer in Toronto. Given the reduced number of sales right now, there are some great opportunities for buyers. It is not a good time to be a seller hoping to maximize the value of their home. Sellers are not seeing a lot of showings happening on their homes and they are not seeing many offers or multiple offers. The only people selling their homes right now are pretty motivated home sellers. They wouldn't be selling if they didn't need to be. Thus, sellers are happy to see any offer that comes their way and are going to find a way to make an offer successful.
Now is the time for action if you have the ability to buy, without selling first. perhaps you are renting and wondering when to buy into real estate. Perhaps you are an investor that owns and rents out properties. Now is the time to be taking advantage of the market opportunity. Not six months to a year from now, right now!
Let me know how I can assist you. I'm here to help. www.RealEstateHelpDesk.ca
Call me at 416 577-5486 or contact me at ralph@RealEstateHelpDesk.ca
RE/MAX 2009 Market Outlook
This week RE/MAX published its annual market outlook for the coming year. If you are interested, I'll let you download the whole report and read it for yourself.
Focusing on RE/MAX's outlook for Toronto Real Estate in 2009, the forcast is for a modest decline in home values by 2% to an average selling price of $376,000, along with a decline in the number of homes being sold coming down by 5% to about 75,000 homes next year.
If you want to have this report explained to you in more detail, please let me know, I'm here to help!
Focusing on RE/MAX's outlook for Toronto Real Estate in 2009, the forcast is for a modest decline in home values by 2% to an average selling price of $376,000, along with a decline in the number of homes being sold coming down by 5% to about 75,000 homes next year.
If you want to have this report explained to you in more detail, please let me know, I'm here to help!
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