NEWS RELEASE
GTA REALTORS® Report Monthly Resale Housing Market FiguresTORONTO, March 16, 2011 -- Greater Toronto REALTORS® reported 4,138 sales during
the first two weeks of March 2011 – a five per cent decrease compared to the first
two weeks of March 2010. The number of new listings also dipped – down by 15
per cent compared to the same period last year.
"A positive economic outlook for the Greater Toronto Area, including steady
growth in jobs and incomes, has kept households confident in their ability to
purchase and pay for a home over the long term," said Toronto Real Estate Board
(TREB) President Bill Johnston. The average price for transactions during the first 14 days of March was $460,196,
representing a 4.6 per cent increase compared to the first two weeks of March
2010.
"Market conditions are tighter compared to this time last year, resulting in more
competition between buyers and sustained upward pressure on the average
selling price. The annual rate of price growth is expected to range between three
and five per cent in 2011," said Jason Mercer, TREB's Senior Manager of Market
Analysis. With inventory down 15% over last year, multiple offers were on an increase, thereby increasing purchase prices. If you're a buyer looking to purchase this spring/summer, you need to act fast as the "good" inventory is being scooped up fast, and in most cases receiving full to over list price. Sellers: it is no secret that if you want to get full value for your home, you need to get on the market now! Give us a call and we can discuss your plans to buy and/or sell this spring.
Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award
Posted via email from Markham Real Estate Today with Asif Khan
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