March 2016 - Market Report - Just Released

Market Stats Just Released for March 2016 - WOW from Michelle Makos

Looks like April will be much about the same or better.... Strong real estate market and low interest rates are making it hard to buy resale homes as the buyers are competing in many of today's sales.  Prices are at a record high. Multiple Offers are now the norm and inventory is key to stabilize this market. The more listings we have, will create more competition... it will then be best house and price wins ... NOT just only house on the market wins regardless of price and condition.   If you are thinking of moving, I would say, now it the time to capitalize on your investment.

Enjoy the information.  It provides year over year statistics as well average prices in the 416 and 905 areas.  Have a great day !

October Market Watch Information from TREB

October 2012 - Market Watch States -  Average Price Up in October, Despite Fewer Sales

November 5, 2012 -- Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 – a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.*

“Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for October transactions was $503,479 – up 6.2 per cent compared to October 2011. The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.

“We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied,” continued Mercer.

*NOTE: The majority of transactions are entered into the TorontoMLS system on business days. There was a mismatch of two business days in September and October of 2012 compared to the same months last year. This is why sales on a per business day basis were noted in releases dealing with these months. The business day anomaly between the two months has now balanced out.