Local Real Estate: The Real Story

I have always maintained that the most important real estate stories are local.  What is happening to you and me, and not what is happening in Riverdale or King West, can help us make the right real estate decision.

This week, the Toronto Real Estate Board published that prices for the sales in the area were down only by less than half a percent.  Is that true for Pickering and Ajax?

In Pickering, for a two storey, 4 bedroom house with a double attached garage, at least, 3 bathrooms and a finished basement:

May 2008

Average list price   $415,182
Average sale price  $405,182
Days on market      23 (highest 49)

May 2009

Average list price   $388,864
Average sale price  $381,627
Days on market      29 (highest 79)

In Ajax, for the same home:

May 2008

Average list price   $385,691
Average sale price  $378,154
Days on market      21 (highest 71)

May 2009

Average list price   $377,560
Average sale price  $373,900
Day on market        28 (highest 67)

Am I painting a bleak picture? 

Not really. 

House for saleIf you bought your home last year, and you have to sell now, you will need good advice to sell and make a move.  If you bought prior to last year, you are fine.  You are building equity by paying of the principle of your mortgage and your house value hasn’t dropped like the news out of the US.

With the mortgage rates almost half of what they were last May, home affordability is amazing.

I have painted Pickering and Ajax with a broad brush.  Neighbourhoods, themselves, can have large fluctuations in price.  Find out what is happening in your neighbourhood by e-mailing or calling me.