Just a quick update and a few words on the market and what I’ve been seeing.
The market is extremely busy again. December, January and February were the best months to buy. Those days are gone….If you’re waiting for better prices, we may not see them again soon. The good news is that the market is solid and home prices are rising.
Over the past 5 days….I’ve sold 3 properties all of which were multiple offer situations. This has not happened in the past 6 months but it is a clear indication of what is happening in the market now! The buyers market is almost gone or disappeared altogether. Multiple offers and more favourable conditions are leaning towards the sellers now. If you’ve been waiting to sell your place, now is the time to start the process.
Regarding mortgages: Get pre-approved if you haven’t done so already. The five-year fixed rate has been steadily increasing the last couple weeks. Rates are still ridiculously low, although they were much better just a couple weeks ago. There seems to be no indication that the variable rate will change this year…only the fixed rate will rise.
I’ve highlighted the mid month housing stats for the GTA below:
GTA Resale Housing Sales Up 19 Per Cent in the First Half of June TORONTO, June 17, 2009 – Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year.
“Households in the GTA have become more confident in purchasing a home over the past three months,” said TREB President Maureen O’Neill. “Affordability, due in part to very low borrowing costs, has played a key role.”
The average price for MLS® sales was $407,716, up by two per cent compared to last year. “Heightened interest in ownership housing this spring has solidified resale home prices,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “The number of home buyers has been high relative to the number of listings, pushing the average price above last year’s level.”
As always, feel free to call or email me if you have any real estate related question.
If you have an interest in Renting, Buying or Selling in the Toronto area and would like to discuss the current market, please fill out this contact form or call me directly at (416) 457-1722.