Zhana Jurevich
Sales Representative



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cell:416-949-6495
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Toronto Real Estate Board Update

 

Toronto Real Estate Board Members reported 4,120 sales in February 2009 which is a 35% increase in sales compare to January 2009. The average price is also increased by 5% from January $343,632 to Februarys $361,305. Traditionally, in the first half of every year, sales and average price climb to their highest levels in late spring before trending lower from July onward.

 

SUMMARY OF FEBRUARY SALES AND AVERAGE PRICE 2008 - 2009

February

2009 Sales

Average Price

2008 Sales

Average Price

Toronto, City (416)

1,653

$392,919

2,310

$424,435

Rest of GTA (905)

2,467

$340,122

3,705

$355,745

GTA

4,120

$361,305

6,115

$382,048

„While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current home prices and mortgage rates suggest that GTA homes have become more affordable on average", Jason Mercer, TREB's Senior Manageer of Market Analysis. „A greater number of home buyers could take advantage of this affordability once their positioning in the economy becomes more certain"

HOUSING MARKET INDICATORS

Market

February 2008

February 2009

% Change

Sales

6,015

4,120

(-32%)

New Listings

11,478

10,239

(-11%)

Active Listings

18,018

21,440

(+19%)

Days on Market

30

45

(+50%)

Canadian Immigration

Typically the spring real estate market tends to experience more activity and with the Canadian economy experiencing a period of low mortgage rates and strong immigration, this trend could continue. According to Statistics Canada, Canada welcomed 247,202 permanent residents in 2008, 70,000 more than in 1998 and well within the government's planned range of 240,000 to 265,000 new permanent residents for 2009.

 

First Time Home Buyers

 

Recently a young professional couple, who lived in a rental apartment and paid $1150, bought a very nice condo on the Yonge subway line.

 

Property: App.650 sqft 1 Bedroom + Den and Parking. Luxury Condo with 9 foot ceiling, real hardwood floors, granite counter tops, and an unobstructed view are just some of the highlights of this great condo.

 

The listing price was $275,000 negotiated down to $255,000, only 5% downpayment and a Variable Rate Mortgage at 3.2%. Their monthly mortgage payment is around $900 + Maintenance fee of $408.68 (everything included) + Property Taxes $147.27 Total Monthly Payment = $1455.95 and around $300 of the payment goes toward the home equity.

Overall, the couples quality of life increased not only are they making money in home equity but they no longer have to share the laundry machines at an apartment building and now have central A/C. Their condo offers them great amenities to stay healthy such as gym, sauna room and an indoor pool.

 

It's a good time for Parents to think about buying investment condos for their future students.

Close to 50% of sales reported by the Toronto Real Estate Boar in February 2009 occured under the $300,000 price point, compared with 43% one year ago. Many first-time buyers who are secure in their jobs are snapping up condominium product priced in the uper - $200,000s, while those a little more cash flush are driving demand for properties priced between $350,000 - $375,000 in the city's east end and $550,000 and $600,000 in the central core.

Your friend in Real Estate - Janna Jurevich

 

If you know of someone thinking of buying or selling, I would love to help them and I know they would benefit from my experience and hard work. I am never too busy for your referrals!

 

Contact Information

Office: 416-739-7200

Cell: 416-949-6495

Email:jjurevich@gmail.com

WEB :www.homesingtaforsale.com

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