Etobicoke Real Estate Remains Strong

The Etobicoke and Toronto real estate market has been going strong since the start of the year. The number of properties now on the market is up sharply from earlier in the year and we have shifted from a sellers-market into the beginning of a balanced-market. Bank of Canada is widely expected to raise the overnight rate and in turn signal a rise in borrowing rates generally. Banks have already made upward adjustments in their mortgage rates. The Greek financial crisis may cause the Bank of Canada to defer this adjustment, or keep it to a very modest increase.

Here are the official comments from the Toronto Real Estate Board:

May 5, 2010 -- Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.


“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”


The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.

“Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”

Here are all the charts... Click the chart to get a larger version.

Continued Strength for Toronto Real Estate Prices

Toronto has seen a remarkable recovery of its real estate market over the past year. A year ago the market was pretty bleak as we experienced the economic downturn, with just 3,640 homes selling last November, along with declines in average sales prices.

So, a year later and we find just over twice as many homes were sold in November 2009, at 7,446 sales. The average sales price across the GTA was $418,460. This is down 1.2% from the month before, but still ahead 13.5% year-over-year. Home prices continue to hover in the range of new all time highs, with the outlook for the spring 2010 market to push even higher.

This chart shows the monthly sales and average prices for Toronto since 2006. Click on the chart to see a larger version.

While these numbers are aggregates for the whole Toronto GTA, they are useful for understanding the big picture. If you'd like to have the Toronto market explained to you in more depth, or to understand the details as it pertains to your home and your neighbourhood, please let me know. I'm here to help.

Contact me for all your real estate needs...
Ralph Evans, Sales Representative
RE/MAX Professionals Inc., Brokerage
Phone 416 236-1241
Humbertown Plaza - 270 The Kingsway, Suite 200, Toronto ON

Etobicoke Real Estate

RE/MAX Housing Market Outlook for 2010

To help you understand the trends in the real estate, RE/MAX has just published this report that looks back on the past year and looks forward at the predictions for 2010. This report looks at the real estate situation for all the major markets in Canada.

RE/MAX 2010 Housing Market Outlook

I'm a modern professional REMAX agent, ready to help you with Buying, Selling and Investing in real estate.

Contact me for all your real estate needs...
Ralph Evans, Sales Representative
RE/MAX Professionals Inc., Brokerage

Etobicoke Real Estate
Humbertown Plaza 270 The Kingsway - Suite 200, Toronto ON
416 236-1241