Toronto October Stats Set a Record

According to the Toronto Real Estate Board, GTA realtors reported 3,631 sales of existing homes in the first two weeks of this month. This represents a 34% jump, compared with the same period last year. Buyers were obliged to dig deeper into their pockets, as the average sales price rose to $414,479, a 17% increase for the first two weeks of October 2008.
"While demand for existing homes has remained strong, it is important to recognize the context of current statistics," says TREB president Tom Lebour in a release. "We are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price."
Taking the total sales for 2009 thus far, numbers are up to 69,964, a more modest 6% increase on the same period last year. The average price for year-to-date sales in 2009 is $389,687, a 2% rise on last year's number.
"Tight market conditions throughout the GTA will continue to exert upward pressure on home prices in the fourth quarter," says Jason Mercer, TREB's senior manager of market analysis in a release. "Expect more listings in 2010, as homeowners react to the price gains experienced in the second half of 2009."

Read more: http://www.nationalpost.com/homes/story.html?id=2137136#ixzz0W0gav5Mc

OULAHEN TEAM SPONSORS ACCA HALLOWEEN HAUNTED HOUSE

Halloween Haunted House
on Saturday October 31, 2009
6:00 - 8:30 pm
Historic Elihu Pease House
20 Harrison Garden Blvd.

It's a neighbourhood moment. Come out and join the spirit.

FREE FOR NEIGHBOURHOOD KIDS AGED 14 AND UNDER

Spooky Rooms...Come in costume and be prepared for a good scare!

SPONSORED BY THE OULAHEN TEAM AND AVONDALE COMMUNITY CONDOMINIUM ASSOCIATION

The Oulahen Team Runs for the Cure

The Oulahens finished the 5km Run for the Cure on Sunday, October 4th. This important event is a part of our yearly fundraising appeal.

We had a great day taking time to stop and appreciate the moment.

And thanks to Barb for organizing our team “In Mammory of Cathy Flannagan”.

Market Moment

2009 began as a buyers market and as listings became available they have continued to sell. Some of the higher end market has been slower but the condo and mid residential housing market has been very active drawing competitive prices. Real estate continues to be a great investment. We have sold product quickly in the last few months. There is no reason to expect changes in the market as interest rates still remain low. Public confidence continues to rise and this is a good time to sell. The market is "up" from last year.

Year-to-date sales, at 61,676 are up three per cent compared to 59,971 in 2008. Average price,at $386,302, is up by one per cent from $383,776.

The Oulahens would be happy to send you a special report on value in your neighbourhood or street. Just email or call us anytime.

What is MLS? Some Quick Facts

The Multiple Listing Service is a cooperative system used only by REALTOR Members of Canada's real estate boards. It is accessible to any REALTOR Member who has agreed to represent your interests and share remuneration from the transaction with a cooperating REALTOR Member.

MLS is an online software database for Real estate professionals.

Realtor.ca is downloaded from Torontomls daily.

75-80% of all listings are sold on MLS.


MLS is owned by realtors (ex Toronto) in a certain board connecting buyers and sellers.

Realtor.ca is limited in scope, could be outdated or inaccurate.

MLS is a very powerful tool to access thousands of agents in a particular area and bring your property to their attention.

A realtor can set you up on a prospect match which will send you listings in a particular area and price range. This information is more detailed and broader than realtor.ca.

The Oulahen Team helps out at the ACCA BBQ and Picnic

The Oulahen Team handed out free ice cream at the Avondale Community Condominium Association's 6th annual BBQ IN THE PARK on Sunday August 23rd, from noon to 6pm. The park is steps from our office and it was wonderful to see everyone. It was a unique community event. The day’s festivities included free yoga, a talent show, BBQ, a dog show, salsa dancing, a movie night, and more. The weather was perfect and the ice cream bars disappeared in hours. Paul, Jeff, Mark and Norah met old and new clients and friends at the event. We truly enjoyed ourselves and felt honored to be there.


Mark and the team giving out ice cream bars
and sharing in the fun of the Avondale Community Condominium BBQ and picnic.

Notes from the Housing Market Outlook for the GTA

With so many new projects in Toronto on the go, there is some risk that there will be an oversupply of new condos. Buyers are no longer required to put down a 15%-20% deposit to hold them in a deal as they were in the 1990's. Low mortgage rates and tight rental markets mean that most investors are likely to hold onto their units.

In the resale market, location is a key factor and downtown Toronto is still one of the most desirable places to live. Many home owners may look for less expensive housing types. Net migration for 2009 was 60,000 and will move above trend for next year. Toronto will fare well through this growth. Mortgage rates are expected to be relatively stable and 2010 may stay between 5% and 6.75% for a five year mortgage.

The Oulahen Team has a vast array of statistics and information on the real estate market in the Toronto area. We've represented many buyers and sellers in many areas. If you would like any further information please don't hesitate to contact us at team@oulahen.com.

Released Spring 2009 by the Canada Mortgage and Housing Corporation