May 29, 2009 -- In Canada, there’s no doubt that real estate is one of the major engines driving our economy, generating more than $47,000 in spin-off spending per transaction.

Given that real estate is very much a local business, many Greater Toronto Area homeowners have been keeping a close eye on resale housing statistics for indications as to our city’s economic outlook.

As we are now at the height of the spring market, which is traditionally a very robust period, it is an opportune time to take a look at how resale housing in the Greater Toronto Area is faring.

I’m happy to report that the news is good.

Greater Toronto REALTORS® reported 4,561 transactions in the first half of May. The average price of homes in the GTA is also within one per cent of the May 2008 average of $398,148.

Markets around the world may be struggling but in the Greater Toronto Area, resale housing is holding firm.

While these figures are encouraging, if you’re planning your next move it is important to set realistic expectations based on market averages. Currently for example, the average number of days that a property remains on the market is 35 compared to last May’s 31 days. As well, sellers are getting 97 per cent of the asking price compared to 98 per cent a year ago.

Good news for sellers is that the number of homes available for sale has tightened compared to a year ago. Nearly 23,000 properties are listed for sale on the TorontoMLS system, compared to more 27,000 properties that were available in May 2008.

-Maureen O’Neill as published in Toronto Sun’s Resale Homes and Condos section.

Welcome to my website - your source for Toronto Real Estate.

In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in Toronto with my New Listing Notification.

If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation.

Whether you are buying or selling a home I invite you to contact me as I'd be happy to assist you with this important transaction.

In addition, if you have any general questions about buying or selling real estate in the Greater Toronto Area, please contact me as I'm more than willing to help.

Please browse my website for listings, reports and important local real estate information.

Sincerely,

Jose Arias
Sutton Group - Bayview Realty Inc., Brokerage*

*Independently owned and operated