Scarlett Li's Real Estate E-Newsletter

GTA RE/MAX Agent Scarlett Li - A Realtor Who Knows Life With Style


	Market Watch: October 8, 2008 Price Down. Sales Volume Down. What Next? The Greater Toronto Area resale housing market continued at a measured pace through September The overall transaction figure for September masks significant regional differences. Within the City of Toronto sales registered 2,546, down 11 per cent from the 2,854 figure recorded in September of 2007 but down five per cent from the 2,680 recorded during the same month in 2006. In the 905 suburbs, the 3,878 sales that went through TorontoMLS were down three per cent from last year's 4,012 sales, and down two per cent over the 2006 total of 3,942 sales. Overall, GTA prices declined three per cent from their year-ago levels to an average of $368,549 from the September 2007 figure of $380,132. As with sales, the GTA's regions fared quite differently on average price during the month. The average within The City of Toronto, at $393,647, fell six per cent from September 2007's $420,182 but rose six per cent from the $371,682 recorded in the same month of 2006. Meanwhile prices in the 905 districts, at $352,071, rose marginally from the $351,641 recorded in 2007, and was up five per cent from 2006 September figure of $333,818. Although the market is not as robust as it was a year ago, homeowners are continuing to see strong returns on their investment. On average, Sellers are achieving 97 per cent of their asking price. With the average number of days on market increasing to 36 days from to 31 days a year ago, it is taking slightly longer for homeowners to achieve a sale. Click here to read the whole article


	Finance Update - October 9, 08 BOC Cut Short-Term Interest Rates Several of the world's central banks, including the Bank of Canada and the U.S. Federal Reserve, have cut short-term interest rates by half a percentage point in a co-ordinated international action. However, Canadian consumers did not get the full benefit of that cut, as one of the country's major banks, TD Canada Trust (TSX:TD) lowered its prime rate by only a quarter point in response, reflecting turmoil in the global credit market. Prime is the rate banks charge their best corporate customers and is used to determine rates for consumer loans, lines of credit and various mortgage products. The retail arm of TD Bank said the troubles in the global credit markets makes it more expensive for the bank to raise money so it can't pass along the full Bank of Canada rate cut. Read The Whole Article

Scarlett Li
RE/MAX Realtron Realty Inc., Brokerage
Direct: 416.705.5812
Office: 416.289.3333
E-mail: scarlett@liscarlett.com
www.LiScarlett.com

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