Second Best March on Record

Check out this powerful video:

 

TREBMarketwatch-March11 
Greater Toronto Realtors reported 9,262 sales through the MLS in March, 2011 representing the second best March on record. The number of transactions  represented an 11% decrease compared to the 10,430 sales recorded in March, 2010.  

” The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide,” said Toronto Real Estate Board President Bill Johnston

The average home selling price for March transactions was $456,147- up 5% compared to the average of $425,088 reported in March, 2010. The average home selling price year-to-date is $448,714-up 5.6% compared to the average reported the same time last year.

The strongest average annual price growth was reported for condo apartments and semi-detached houses, at approximately 7% for both home types.

” Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer TREB’s Senior Manager of Market Analysis.

Condominium apartments accounted for 24.5% of total sales in the the GTA while detached homes accounted for 46.4% of the total sales.

Other notable statistics include the average days on the market for March at 23 days compared to 20 days the same time last year. Active listings were 16,616 in March 2011-down 11% from the March 2010. The sales-to-listings ratio for March was 55.7% which is classified as a seller’s market . A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my clients prior to submitting an offer to determine the property’s market value range.

Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.

Here are the preferred mortgage rates from one of my Mortgage Specialists as of April 21, 2011:

TERM

POSTED

OUR RATES

6 Month

4.45%

4.35%

1 Year

3.70%

2.75%

2 Year

4.05%

3.40%

3 Year

4.55%

3.50%

4 Year

5.19%

3.79%

5 Year

5.69%

4.04%

7 Year

6.49%

4.79%

10 Year

6.85%

4.99%

Variable Rate

2.20%

Prime Rate

3.00%

* Lets meet for a NO OBLIGATION Buyer Planning Session.  FREE Knowledge is power in your planning  Click Here

* Join me in a 2- hour tour of homes,  or a 2-hour tour of condos  . Each tour is specifically set up based on your search criteria.

The House or Condo Tour is a great way to figure out which neighbourhoods and home styles are right for you.

Please contact me at 416-520-6746 or David@TorontoRealEstate.ca

Some Interesting Real Estate InfoBits

This is Cool !

Our next Home Buyer Seminar is April 30. Register here .

 Did you know…..

 * As a Buyer, if you do not sign a Buyer Representation Agreement with your Realtor then your Realtor is technically looking after the best interests of the Seller. You are protected legally when you sign a Buyer Representation Agreement. 

 * Finding a new home can be exciting. But deciding what you truly want and need-and can afford-can be challenging. Making these decisions begins with setting priorities among many different preferences. Your Realtor can help you to sort out your options.  

 * Despite the furore when it was introduced in July 2010 it appears that the HST has had less of an effect on our wallets than expected according to Professor Michael Smart of the University of Toronto.

 * It is crucial to have a plan in place before you can begin the buying process. Every goal requires a plan. Your Realtor should help you put together a systematic plan which will ultimately save you time , effort and money. Are you ready for your Buyer Planning Session ?

 * Our Market Experience Tours of homes and condos  are a terrific way to gain market knowledge. Sellers fear educated Buyers.

 * Prior to looking at homes to purchase you should speak to your lender about obtaining a full mortgage preapproval. This is a critical primary step. Your preapproval is like a credit card with a spending limit.  Having your preapproval will give you strength in you negotiations with a Seller.

Are you ready to speak with one of our Mortgage Specialists?

 * Your mortgage preapproval from your lender is based on your gross income. Your personal budget is based on your net income. It is very , very important to know what money you have left in your personal monthly budget  to pay for shelter costs. Here is the budget form my clients love to use.

Please contact me at 416-520-6746 or David@TorontoRealEstate.ca

Average Selling Price Up in February

 

Our next Home Buyer Seminar is April 14. Register here.

TREB-Marketwatch-February-2011 

Greater Toronto Realtors reported 6,266 sales through the MLS in February, 2011. This represented a 14% decrease compared to the 7,291 sales recorded in February,2010.  

 While not representing a record, February 2011 sales were 50% higher than the number reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.

 ” Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong,” said Toronto Real Estate Board President Bill Johnston

 The average home selling price for February transactions was $454,423- up 5% compared to the average of $431,509 reported in February, 2010. The average home selling price year-to-date is $442,978-up 5% compared to the average reported the same time last year.

 ” Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth,” said Jason Mercer TREB’s Senior Manager of Market Analysis.

 Condominium apartments accounted for 25.5% of total sales in the the GTA while detached homes accounted for 46.0% of the total sales.

Other notable statistics include the average days on the market for February at 27 days compared to 22 days the same time last year. Active listings were 14,365 in February 2011-down 1% from the February 2010. The sales-to-listings ratio for February was 43.6% which is classified as a seller’s market . A ratio from 24%-28% is considered a balanced market.  Active listings were up by 1% from the same time last year.

 Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my clients prior to submitting an offer to determine the property’s market value range.

 Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.

                                        Here are the preferred mortgage rates from one of my Mortgage Specialists as of March 24, 2011:

TERM

POSTED

OUR RATES

6 Month

4.45%

3.95%

1 Year

3.50%

2.70%

2 Year

3.75%

3.25%

3 Year

4.35%

3.30%

4 Year

4.99%

3.64%

5 Year

5.34%

3.74%

7 Year

6.14%

4.79%

10 Year

6.50%

4.99%

Variable Rate

2.20%

Prime Rate

3.00%

* Lets meet for a NO OBLIGATION Buyer Planning Session.  FREE Knowledge is power in your planning  Click Here

* Join me in a 2- hour tour of homes,  or a 2-hour tour of condos  . Each tour is specifically set up based on your search criteria.

The House or Condo Tour is a great way to figure out which neighbourhoods and home styles are right for you.

Please contact me at 416-520-6746 or David@TorontoRealEstate.ca