Real Estate remains a "Safe Haven"

March 2009
First-time buyers continue to energize the downtown condominium market. Affordability is a "key component" in any market recovery and with prices down, interest rates at 40 year lows (3.30% variable - see Mortgage Info link) and a good selection of homes, buying just makes sense for investors, those paying pricey rents or upsizing.

The "Sweet-Spot" in the market is the under $400,000 range where 50% of the February sales occurred. Many well priced homes in this category have been selling (some in multiple offers) in less than 1 week!

In the upper-end of the market 25% of the sales were in the $500k-$ 1 Mil range and the over $1 Mil range had only 9% of the sales.
Buyers in these price ranges have a bit more time to shop and negotiate for that perfect home without (in most cases) the threat of competing offers.

A bit apprehensive about which way this market is heading? In the long term, home ownership is/and will continue to be the most secure & rewarding investment many of us will make. As a "Safe Haven", Real Estate is unsurpassed for the creation of "Real Wealth". In fact, since 1999 home prices have increased 130% vs. TSX (Toronto Stock Exchange) up 27%!

Most of us will own our homes for a minimum of 5 - 7 years. Keeping this in mind, buying in this environment seems prudent.

February 2009 sales/listings for:

DOWNTOWN, COAL HARBOUR, FALSE CREEK NORTH and the WESTEND

SALES:

Total of 95
Under $400K 46/ 48 % of total sales
Under $500K 71/ 74 % "
Over $500K 24/ 25 % "
Over $1Mil 9/ 10 % "

LISTINGS:

Total of 1382
Under $400K 371/ 26 % of total listings
Under $500K 598/ 43 % "
Over $500K 483/ 34 % "
Over $1Mil 302/ 21 % "

All information is approximate.





Click here to view newsletter archive

Site Map MLS Reciprocity

© WAYNE PASCO SUITE     Disclaimer


Site Designed By : Atomic Eye Design
Site Maintained By : Clayrose Internet Creations