Welcome to the latest edition of the Greensborough Real Estate Report prepared by Dominique Allard & Jennifer Allard, Sales Representatives with Royal LePage Your Community Realty (Brokerage).

The sub-prime mortgages have finally taken their toll on a world-wide scale. With the fall of Lehman Brothers & Merrill Lynch in the US and the tumble of the stock market, buyers confidence has dropped to its lowest in years. Unit sales in Greensboroughy dropped by 60% in the fourth quarter in comparison to 4Q/07. Although the average Greensborough sale price has risen in 2008 by 0.9%, the number is skewed by all the positive activity in the first three quarters of the year

To obtain a real perspective on the impact on Greensborough values, we need to chart the 4Q-08 (see chart above). Indeed, the average sales price in the last quarter was $340,958 which has brough the market below 2004 pricing, keeping in mind that the low number of unit sales is somewhat skewing the data. Properties took an average of 60 days to sell and sold at 92.2% of the asking price during the fourth quarter. This is a significant drop from previous years and is in fact the lowest ever in Greensborough.

On a positive note, there are great opportunities for homeowners looking to move up, since there are greater savings to be negotiated in the higher priced properties. Interest rates also remain at historic lows which provides lower monthly overhead. If you do not need to sell your home for the next 3-4 years, your best bet is to "ride" this out much like you would in the stock market. However, if your life conditions have changed such that selling is an increasing priority, there are great deals with fantastic interest rates. In these market conditions, the right strategies will make the world of difference between "listing your home" and "selling your home".

Need to sell in the area? Then depend on the Allard Team also known as "The Strategy Team" your Greensborough specialists. You can reach us at the office at (905) 470-9800.

The data in this report is obtained from the Toronto Real Estate Board and includes all listings in Greensborough (from all brokerages). The Allard Team is composed of: Dominique Allard, Jennifer Allard, Gabriella Jarosz, Jason Clement (Sales Representatives). Our office manager is Jenny Tong.