As part of our customer service, we want to be your Real Estate resource. Our goal is to be your Real Estate Agents for life. To do this, our plan is to keep you up to date on what is happening in your Real Estate market.
Strong August Home Sales in the GTA
On September 7, 2011, the Toronto Real Estate Board reported "7,542 sales through the TorontoMLS® system in August - a 24 per cent increase over 6,083 sales in August 2010. New listings, at 12,509, were up by 20 per cent compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings" (Toronto Real Estate Board, 2011).
"Home sales in the GTA have stood up well despite a less certain economic outlook," said Toronto Real Estate Board President Richard Silver. "Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City's land transfer tax. This tax currently represents a substantial upfront cost for home buyers."
"With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in August - up by more than 10 per cent year-over-year to $451,663" (Toronto Real Estate Board, 2011).
What does this mean for you? It means it is a great time to buy or sell your home in the GTA.
If you, or someone you know, would like a quick, free, no hassle, over the phone evaluation of your property, call Vic Tosello and Sherry Young today!
Actually...right now, we are looking for homes to sell!