May, 2010
Dear Friend,
The Toronto Real Estate Board reported the sale of 10,898 single family homes in April,
a record for April in the GTA. The average home price now stands at $430,946, up 8.97
% since the end of December 2009.
The real estate market has been extremely busy in the last 4 months, a reflection of
several factors: the unusually low inventory of homes for sale, the prospect and reality of
increased mortgage rates, the reaction to the impending harmonized sales tax (HST) and
the recovery in the economy.
These factors pushed the real estate market into frenzy mode as quick sales and bidding
wars for homes became the norm in Toronto.
With the first rush of 2010’s buyers past us, and more balanced market conditions
(20,683 new listings in April), I believe that while the real estate market will continue to
be strong throughout 2010, the volume of sales will not maintain it’s current record pace.
While well priced homes continue to sell quickly and at excellent prices, the increased
inventory will allow potential buyers the time to see several homes, get to know the
market and purchase in a clear organized manner as opposed to the panicked buying of
the past three months.
The more things change, the more they stay the same. It is still an excellent time to buy!
Toronto continues to attract foreign and domestic immigration as people are drawn to
jobs and the many opportunities we have here. Those people have to live somewhere and
that demand will result in increased home prices. Like that old expression states, “Have
you bought your land yet, we are not making any more!
It is an excellent time to buy, so if you know someone considering buying or selling, I
would appreciate your help in getting us together, I will take extra special care of them!
Have a great month,
SunnyBatra
Your Friend in Real Estate
Sunny Batra, Sales Representative
Re/max Realtron Realty Inc.
Office: 416 289 3333
Fax: 416 289 4535
www.SunnyBatra.com
My Blog www.SunnyBatra.posterous.com
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