We have talked a bit about the spring market being influenced by the thermometer - well February has been a long snowy month. Great for skiing! But not so great for home sales.
The Toronto Real Estate Board had these results:
TORONTO, February 17, 2011 -- Greater Toronto REALTORS® reported 3,084 sales during the first two weeks of February 2011 – a 13 per cent decrease compared to the first two weeks of February 2010.
"We are on pace for a strong sales result in February, but transactions will come in lower than the record result reported last February. Sales remain strong because the GTA resale market contains a diversity of housing types catering to a wide array of home ownership needs," said Toronto Real Estate Board (TREB) President Bill Johnston.
The average price for transactions during the first 14 days of February was $451,257, representing a five per cent increase compared to the first two weeks of February 2010.
"Average selling price growth for existing homes is expected to range between three and five per cent this year. Tighter market conditions over the last four months have pushed price growth to the top end of this range," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Some people may be holding off thinking that the land transfer tax might be corrected. According to the Toronto Star as well as the Globe and Mail, Rob Ford is now admitting that it won't be until 2012 before we say good bye to the oppressive tax. He blames it on the federal election. Need I say more?
From and supply demand perspective, we have seen very little product on the market so those needing to move have had less to choose from. Like most years, there may be buyers ready to pull the trigger but are waiting for more choice. Then the excitement of the spring market warms with the weather and the buzz of what's for sale and what houses sold for are the talk of the neighbourhood coffee shop, school yards and dinner parties.
If you are thinking of selling, now is the time to start to declutter, touch up paint and finish those odd jobs. After March Break, the fun will begin in earnest!
Not sure where to start on getting your house ready? You can check out my blog article on Getting your house ready to sell or better yet, call me. I can provide direction on where your time and money are best spent.
Happy House Hunting!
No comments:
Post a Comment