April has been a very busy real estate market, we are still seeing many areas go into multiple offers and get all time high prices. The driving force behind this seems to be that there are not enough homes for sale. The low interest rates are allowing many people afford their dream home. We been selling homes east to west, north to south, and not all markets are moving at the same pace. Also not all price ranges are going at the same pace in the different areas. For example in one area the $500,000 price is constantly going to multiple offers, while in another area it does not move. Interest rates are a touch higher than they were in January, but still as some all-time lows. It is still a great time to investment or purchase for personal use. Call Your AMIGOs in Real Estate.
Below is the market report from the Toronto Real Estate board for April:
Market Watch
Market Remains Tight with Sales Up in April
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.
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