GTA REALTORS® Report Mid-Month Resale Housing Market Figures

TORONTO, October 18, 2010 --

Greater Toronto REALTORS® reported 3,012

sales through the Multiple Listing Service® (MLS®) during the first two

weeks of October 2010.This represented a 17 per cent decrease compared to the 3,631 sales recorded during the same period in 2009. Year-to-date sales amounted to 71,988, representing a three per cent increase compared to 2009. “The GTA resale market is balancing out from the record level of sales experienced in the second half of 2009 and first few months of 2010. This is why sales figures have been lower than 2009 levels in recent months. With this said, it should be noted that the annual rate of decline slowed somewhat through the first two weeks of October,” said Toronto Real Estate Board

President Bill Johnston.

The average price for October mid-month transactions was $444,644 – up seven per cent compared to the average of $414,479 recorded during the first 14 days of October 2009. “We are seeing enough buyers relative to sellers to promote continued price growth year-over-year. People are buying because home ownership remains affordable in the GTA. A household earning the average income can comfortably afford a mortgage on the average priced resale home,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

(courtesy of the Toronto Real Estate Board)

Call me old school but I love family tradition...

Every year we go to Downey's Farm. Great to see the growth of Natalia and now Nicola following in her footsteps. Also noticing how different their personalities are. Children are amazing and by extension most people are too. Certainly one of the joys of my profession is getting to know people, and besides making a good living from being a realtor, interacting with people is what keeps it fresh.

Natalia 2006



Natalia 2010



Nicola (1 years old soon) and Natalia 2010



Nicola 2010

Tridel Luxury Building. Oversized 1+1 Lower Level Suite

Sellers hesitant to lower house list prices: Toronto Market Dilemma

Although some segments of the Toronto Real Estate market are still very hot, most markets have experienced some cooling off. Despite lower interest rates and limited supply prices have seen a drop.

A common issue that I am running into is sellers hesitance to adjust prices to reflect the new pricing reality. I don't blame them.

The logic is simple. If a Seller lists at the higher price and it is still within reason for the neighbourhood, house style, and condition, then buyers will no doubt submit offers that reflect today's slower market. It may look like a low offer but that is not in fact the case.

However, in the absence of multiple offers, pricing 'on the money' seems to be a frustrating experience for sellers because some Buyers and their agents take the already adjusted price as an invitation to start bidding even lower. This has happened within my office on numerous occasions.

Often this stirs resentment from the Sellers who feel they are being lowballed. For me it is a little embarrassing since so called 'professionals' are not doing their research and recognizing that prices have already been adjusted.

Of course I could be willfully naive. The lowball is after all a  negotiating strategy (a starting position which will immediately stir resentment within the negotiation).

And so pricing,  more than ever,  remains an uber important component in listing strategy.

David Smeriglio
david@soldhabit.com