Hello Friends. Well it was a much longer process than we thought it would be adding this to the website but we are up and Running. In case you missed our last email here it is:
Just a short note to let you know what is happening in the Real Estate Market in the GTA. Today we received great news. The sales in May 2009 were better than the sales in May 2008. This is the first concrete stat that has shown how hot the market is in the GTA. The full article is below.
Also I had a note from our Mortgage Broker that rates have jumped up. She wrote: "Well the bond yields has been doing well over the last few weeks, as you are aware the fixed rate money is based on the “bond yields”, because the yields have been increasing, we saw this coming, yes, the 5 year fixed has moved up and some of the lenders have increased their 7 and 10 year rates."
So to avoid further dissappointment call me today @ 905-456-1000 ext. 3344 and let me get you a pre-approval (that will last for up to 3 Months) at the best rate offered today. We don't know how long these low low rates will last and we don't want to miss out if they go up further.
GTA May Resale Housing Sales Higher Than Last Year
TORONTO, June 3, 2009 - In May 2009, Greater Toronto REALTORS® reported 9,589 sales,
up almost two per cent from May 2008 – the first annual increase since December 2007. The
seasonally adjusted annual rate of sales in May was 81,3001.
“The resale housing market in the GTA has remained resilient in the face of challenging times
globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken
advantage of extremely low mortgage rates.”
The average price for May transactions was $395,609 – down less than one per cent compared
to the same month last year.
“The average resale home price has moved in line with last year’s level because of tighter
market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of
Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home
Sales Average Price Sales Average Price
City of Toronto ("416") 3,777 $432,478 3,711 $434,271
Rest of GTA ("905") 5,812 $371,649 5,700 $374,629
GTA 9,589 $395,609 9,411 $398,148
SUMMARY OF MAY SALES AND AVERAGE PRICE - 2009/2008May 2009/ 2008
Source: Toronto Real Estate Board
1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late
spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting
actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how
the current month relates to historical annual figures.