Ernie Hills
 
Statistics for Sales by the Month.

 Here  I will try and keep you posted as to what things were selling for a month ago.  It has been fairly consistent during the past year that the ratios of sales, relative to sale prices are within a few points of what you see here.  It will be interesting to see any major changes and what will cause those changes when they happen.
 
What they sold for in January 2001

Courtesy of TREB (Toronto Real Estate Board)
 

What they sold for in April 2002

 

 

What they sold for in October of 2002

The dominant trend is still rising as you can see what has happened in the past 22 months.  The trend is still upwards and we should start seeing a higher percentage in the 300-400 and 400+ ranges by the end of February.  There is very little under 200,000 in freehold homes for sale.  The condo market which is part of this equation, is keeping the 100-200 range higher.  (I would love to see the figures only for freehold homes.)

 

What they sold for in March 2003

Prices are still going up as you can see.  There are some staggering numbers for some streets that have traditionally done poorly.  It is still a selective market.  If the property is done well with fresh work, there is a fight and people pay more!  If not updated and location is a little weak, it will sit and eventually sell for less.

Here we are in February of 2004 and things are still rising at a torrid rate. The best neighbourhoods are still going crazy.  Recently I have seen properties sell for 100,000 or more over the listing price.  Will there be a correction?  I can't see it yet unless there is a major disaster or a major economic downturn.  Keep your eyes open it could come quickly.

Since 2002, the changes in price ranges are staggering.  Who would have "thunk" that things would go this far.  We have some hints of changes in interest rates so standby for something to happen.  Don't ask me what it is yet, but when there is a hint of some changes in interest rates, people stop buying for 4 or 5 days and then they go back at it again.