Thursday, March 12, 2009

February 2009 - Back to Normal? Kind of...

Life seems to have come back to the real estate market in the Greater Toronto Area (GTA) in February 2009. Although year-over-year sales were down 31.5%, the number of listings which were either suspended or terminated by the sellers or which had expired, came back down to a normal range.

The price-to-sales ratio decreased sizeably, because sales increased significantly from January 2009 (by 54.3%), although prices also edged up slightly to $361,305 (an increase of 5.14% month-over-month but a decrease of 5.43% year-over-year). For a full discussion of the price-to-sales ratio, please see this prior post:

Meanwhile, the gap between firm sales and conditional sales continue to narrow, indicating fewer buyers are willing to put in unconditional offers. For a full description of this, please see this prior post:

After spiking in November, it appears that the number of transactions that fell through has somewhat stabilized, although it did increase slight from January, and is general higher than most of last year. This may be an indication that the credit market has eased.

Wednesday, March 4, 2009

GTA Power of Sales Update

The number of new power of sale listings in the Greater Toronto Area in February 2009 decreased slightly from January 2009, but is still at a much higher level than average. Compared to February 2008, which had 123 new power of sale listings, February 2009, saw an increase of almost 71% in the number of new power of sale listings to 210.

In total, there are currently 389 power of listings available in the GTA.