GTA Real Estate Market UPDATE

 

 GTA REALTORS® REPORTING MARCH MID-MONTH HOUSING STATISTICS 

 

TORONTO, MARCH 17, 2010

- Greater Toronto REALTORS® reported 4,353 sales through 

the Multiple Listing Service® (MLS®) during the first two weeks of March.   

 

This represented a 70 per cent increase compared to the 2,562 sales recorded during the 

same period in 2009 when resale transactions had dipped markedly due to the recession.  

The mid-month sales total was also 16 per cent higher than the previous March mid- 

month high reached in 2006. 

 

“The spring-like weather in the first half of March brought the first green sprouts of the 

recurring spring market.  Every year, monthly sales climb steadily through May,” said 

Toronto Real Estate Board President Tom Lebour.  "People are buying homes because 

they are confident in the current economic recovery and mortgage payments on the 

average priced home remain affordable." 

 

The average price for March mid-month transactions was $440,153 – a 20 per cent 

increase over 2009.  New listings within the Toronto Real Estate Board boundaries were 

up 34 per cent to 8,540.  

 

"Look for double-digit annual price increases to cease later in 2010, as new listings 

rebound from the low levels experienced in 2009," said Jason Mercer, TREB's Senior 

Manager of Market Analysis. "Increased listings will give buyers more choice, resulting in 

less upward pressure on home prices.” 

 

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Posted via web from Markham's #1 Real Estate Blog

Did you get this Right??

both is correct…. most people get caught up in the concept of time and assume the faster plane is closer…. or others think the slower plane is close since it hasn’t travelled as far.. but both are irrelevant… since what is asked is when they “meet” intersect… hence they are at the same place.

Did you get this Right??

Two planes take off at the same exact moment.They are flying across the Atlantic. One leaves New York and is flying to Paris at 500 miles per hour. The other leaves Paris and is flying to New York at just 450 miles per hour. Which one will be closer to Paris when they meet?

 

Post/ Email your answers... I will give you the answer in a few days.  83% of oxford students answered in 3 seconds and 77% got it wrong.

;)

Jas Jagpal, Remax Dynasty; jasjagal@rogers.com

Posted via web from Markham's #1 Real Estate Blog

Rising Interest rates... how will that affect you?

I'm not sure if you have heard or not... but interest rates are predicted to rise 1-2% this year and another 2-3% for next year.  If that does occur as is expected, have you considered how that will affect your financial portfolio?  Yes besides the HST and the new rules on Mortgage loans, higher interest rates will be the third strike to try to prevent a housing bubble (yes...the craziness we see in the current Toronto Market).

My biggest concern is for those whose mortgages will be coming up for renewal and those who currently have a variable mortgage (closed or open).... how will you handle a 2-4% interest increase... and are you aware of how much higher your monthly payments will be if that is the case?

You should start planning now!

If you were a first time home buyer... and put 0-5% down on your home and are over leveraged- you ought to be really concerned.  At the minimum you should consider locking in for 5 years now if you already haven't and look into diligently paying down your debt.

Have any real estate or mortgage related questions... email jasjagpal@rogers.com and our team of financial experts will get back to you.

 Jas Jagpal, Remax Dynasty Realty Inc.,at Markham Rd & Steeles Ave

Posted via web from Markham's #1 Real Estate Blog

March 3, 2010