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 midmonth 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.”

A fresh start, warm weather and opportunity

As we approach the traditionally busy spring season, we can anticipate an increase in activity. There are a number of reasons why spring usually shapes up to be an active period of the year for the resale housing market. Families often coordinate their moves with the school calendar, purchasing in spring to provide for a late summer closing.

Others are simply motivated by every spring’s promise of a fresh start. Many buyers are also prompted to begin their search when the snow has melted, making streets and properties more accessible. Sellers meanwhile, choose this time of year as it affords the opportunity to extend household fix-ups to the outdoors, contributing to improved curb appeal and saleability.

Typically the summer months afford many of the same benefits as the spring market, without the fast pace. Last summer’s activity though, was markedly stronger than previous years, reflecting both pent up demand from the recessionary months prior and an emerging all-season attitude toward real estate in our city.

During the fall months another spike in activity is usually seen. Typically, the fall market reaches a crescendo in October, when between 6,000 and 8,000 homes change hands, in comparison to more than 9,000 transactions that often take place at the height of the spring season in May.

Throughout the winter months, we generally see more moderate activity. This can benefit buyers, who have the opportunity to achieve an attractive purchase price from motivated sellers. There are however, also advantages for sellers. Buyers who are searching for a home at this time of the year tend to be serious about making a purchase and as such, ineffectual showings are not the norm. Houses often look their holiday best throughout the winter months as well, which can yield favourable returns.

Often changes in our personal lives dictate the time of year when we enter the real estate market and when this is the case, you can count on a Greater Toronto REALTOR® to counsel you on achieving the most favourable outcome in your transaction.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Why Listing Your Vaughan Home Before The Competition Could Put Thousands Of Extra Dollars In Your Pocket!

When it comes to Real Estate, you’ve probably heard the expression that timing is everything. If you’re a homeowner in Vaughan looking to sell, the time has never been better!

There are literally thousands of qualified home buyers out there looking for the perfect home in Vaughan yet the number of homes currently available for sale is the lowest it’s been in years. The fact is we are at the peak of a seller’s market but that could all come to an end as early as this Spring.

So the obvious question is how can you as a seller take advantage of these rare circumstances before it’s too late? The answer is simple… take advantage of the narrow window of opportunity by listing your Vaughan home before the competition.

Why NOT to wait for the spring market to list your Vaughan Home

Reason #1: Less competition

• A Seller’s market is characterized by a limited supply of quality listings in the marketplace. For smart homeowners looking to sell that means there are fewer listings on the market to compete with.

Reason #2: More qualified buyers

• During a Seller’s market buyer demand is high due in part to a lack of quality listings. Smart homeowners looking to sell realize this and prepare their home for sale before the competition in order to capitalize on the thousands of qualified buyers looking for the perfect home.

Reason #3: Shorter amount of time on the market

• When you combine ‘Less Competition’ with the ‘More Qualified Buyers’ that are typically found in a seller’s market the result is that well priced homes sell quicker. That means less time and aggravation for you the home seller.

Reason #4: Thousands of extra dollars in your pocket

• With a limited supply of quality homes available for sale, the Buyers negotiating power is restricted. Those looking for the perfect home have to act fast and pay top dollar to beat out other buyers when the right home finally does come available. That could mean thousands of extra dollars in your pocket!

Buyer’s struggling to find their Dream Home in Vaughan

With mortgage rates near all time lows and existing inventory of resale homes the lowest they’ve been in years, it’s no wonder there is an excess of buyers searching for a home in Vaughan right now. With each passing day their frustration grows and their desire to find the perfect home gets stronger. As a seller you couldn’t possibly ask for a better situation… but there is a catch.

The seller’s market won’t last forever!

With each new listing that comes available in Vaughan, the balance of power slowly shifts from the seller back towards the buyer. That means that the seller’s market could easily come to an end as early as the Spring of 2010 as homeowners in your neighbourhood looking to sell rush to get their home on the market.

If you’re thinking about taking advantage of the current seller’s market in Vaughan and are curious to know what your home and other similar homes in your neighbourhood are selling for there is an easy and fast way to find out!  Get your free copy of the Vaughan Real Estate Report and learn the value of your Vaughan Home in today’s real estate market!

Steven Andrade is part of the Andrade Advantage Real Estate Team and a Real Estate Sales Representative with Royal LePage Maximum in Vaughan.  To speak with Steven about buying or selling a home in Vaughan please call: 416. 324. 2626

2,565 Resale Housing Transactions Shows Rate of Decline Shrinking

Greater Toronto REALTORS® announced 2,565 transactions in the first half of March compared to 3,183 during the same period last year.  The annual rate of MLS® sales decline was the smallest in five months.

Mid-month March MLS® sales increased compared to the 2,044 sales experienced in the first half of February.  MLS® sales follow a recurring seasonal trend, with transactions generally increasing between January and May and then decreasing between June and December.

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