Archive for December, 2008
Scotiabank Late in Announcing the End of Canadian Housing Boom
The news arrives eight months too late, but it’s now official — the Bank of Nova Scotia has just announced that the longest real estate boom in Canada since the end of World War II is now over.
But if it’s any comfort, Scotiabank added that Canada was unlikely to experience the level of crisis that’s devastated the US real estate market.
In a recent report, the Bank’s senior economist and real estate specialist, Adrienne Warren, explained: ”This is not a U.S.-style bust caused by overbuilding, speculative buying and imprudent lending, but rather a cyclical slowdown accompanied by a valuation adjustment in several large centres where booming demand conditions and temporary supply constraints led to an overshooting in prices,” she said.
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Home Sellers Humour 2008 – Style
Often a picture is worth a thousand words.
December 2008 – Davisville Village Market Report and Average Sale Price
Comparing home sales in Davisville Village between July and November 2007 to the same period in 2008.
Last year there were 65 homes sold, versus 50 in 2008, for a 23% drop. The average sale price came down 5% from $696,800 to $658,600.
The median sale price saw a minor decline of 1% from $641,000 to $634,200.
The sale price as a percentage of the listing price (asking) declined 7% from 105% to 97%, showing less willingness on the part of buyers to pay the full asking price or above for their new homes.
Reluctant buyers had sellers waiting twice as long in order to sell their homes. The average days on the market went up 100% from 12 to 24 days.
|
July to November 2007 |
July to November 2008 |
% Change |
||
| Number of Sales |
65 |
Number of Sales |
50 |
Down 23% |
| Average Sale Price |
$696,800 |
Average Sale Price |
$658,600 |
Down 5% |
| Median sale Price |
$641,000 |
Median sale Price |
$634,200 |
Down 1% |
| % of List Price |
105 |
% of List Price |
97 |
Down 7% |
| Days on the Market |
12 |
Days on the Market |
24 |
Up 100% |
To receive complete information and details on any home sold, send me an email, or call me Rosalin Smith-Carr, at my direct line (416) 482-8330 ext. 3519
Do you know the value of your home in today’s market?
Click here to receive a complete Opinion of Value by email. No one will visit.
December 2008- Lawrence Park Market Report and Average Sale Price
Comparing home sales in Lawrence Park between July and November 2007 to the same period in 2008.
Last year there were 25 homes sold, versus 14 in 2008, for a 44% drop. The average sale price also saw a decline of 6% from $1,927,000 to $1,810,000.
The median sale price dropped as well, from $1,713,000 to $1,640,000 or 4 per cent.
The sale price as a percentage of the listing price (asking) showed for the first time a more noticeable adjustment from 100 to 94 per cent. Days on the market remained almost unchanged from 20 to 21 days.
Both downward trends in the average and median sale price in Lawrence Park show that this area is no longer able to defy the declining trends we have been observing throughout Toronto.
Lawrence Park – Average and Median Sale Price, Days on the Market.
|
June to November 2007 |
June to November 2008 |
% Change |
||
| Number of Sales |
25 |
Number of Sales |
14 |
Down 44% |
| Average Sale Price |
$1,927,000 |
Average Sale Price |
$1,810,000 |
Down 6% |
| Median sale Price |
$1,713,000 |
Median sale Price |
$1,640,000 |
Down 4% |
| % of List Price |
100% |
% of List Price |
94% |
Down 6% |
| Days on the Market |
20 |
Days on the Market |
21 |
Up 5% |
To receive complete information and details on any home sold, send me an email, or call me Rosalin Smith-Carr, at my direct line (416) 482-8330 ext. 3519
Do you know the value of your home in today’s market? Click here to receive a complete Opinion of Value by email. No one will visit.
December 2008- Leaside Market Report and Average Sale Price
Comparing home sales in Leaside between July and November 2007 to the same period in 2008.
Last year there were 83 homes sold, versus 41 in 2008, a 50% drop. Once again the average sale price in Leaside managed to climb 10% from $801,400 to $889,400. The median sale price went up by the same 10% from $725,000 to $800,000.
The sale price as a percentage of the listing price (asking) decreased from 104% to 97%, showing less willingness to pay the full asking price or above on the part of buyers.
On average it only took one more day for homes to sell in this neighbourhood.
|
July to November 2007 |
July to November 2008 |
% Change |
||
| Number of Sales |
83 |
Number of Sales |
41 |
Down 50% |
| Average Sale Price |
$801,400 |
Average Sale Price |
$889,460 |
Up 10% |
| Median sale Price |
$725,000 |
Median sale Price |
$800,000 |
Up 10% |
| % of List Price |
104 |
% of List Price |
97 |
Down 7% |
| Days on the Market |
16 |
Days on the Market |
17 |
Up 6% |
So far Leaside continues to buck the downward trends we are seeing all across Toronto and most other markets throughout Canada.
To receive complete information and details on any home sold, send me an email, or call me Rosalin Smith-Carr, at my direct line (416) 482-8330 ext. 3519
Do you know the value of your home in today’s market?
Click here to receive a complete Opinion of Value by email. No one will visit.