TORONTO, May 3, 2012
Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.
"Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment," said Toronto Real Estate Board President, Richard Silver.
The average price for April 2012 transactions was $517,556 - up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.
"Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012," said Jason Mercer, TREB's Senior Manager of Market Analysis.
May 3, 2012 | Permalink
Eliminating The Home Selling (and Buying) Jitters
Selling your property and buying a new home can be a potentially intimidating experience... so much so that these jitters may even prevent some people from making a move!
It doesn't have to be that way.
A big part of the stress of selling and buying comes from not understanding the process or having unanswered questions. You might worry about how the state of the market will affect the value of your purchase over the long term or what you would do if you found your dream home before receiving any offers on your current property.
That's where a good REALTOR® comes in. He or she can explain the process to you, answer all your questions, and show you how to make your move go smoothly.
Looking for a good REALTOR®? Call today.
May 3, 2012 | Permalink
When Is The Best Time To Sell Your Home?
If you've been thinking about selling your home, you might be waiting until the "market is right". After all, if the local market suddenly booms, your property will likely sell for a higher price.
That may be true. However, there are other factors to consider in your decision to list.
For example, will you be buying a new home as well? If so, then the higher selling price will probably be offset by the higher cost of the new property.
In addition, there may be characteristics of your home that will help sell it quickly and for a good price – today – regardless of the market conditions.
A good REALTOR® will help you make the right decision. Call today.
Apr 14, 2012 | Permalink