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| Joan Hexham & Laura Marks
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Sutton Group-Heritage Realty Inc. Brokerage | |
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Real Estate News for Durham Region |
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| Posted on Sun, 16 May 2010, 08:35:36 PM in Home buying tips, Home selling tips | | | | President's Newspaper/Magazine Columns
Toronto Star Column (as it appears each Friday in the Toronto Star)
Spring buyers boost GTA home sales
May 14, 2010 -- Last month represented the second consecutive month in which Greater Toronto Area transactions exceeded the 10,000 mark, with 10,898 homes changing hands.
This figure exceeds April 2009’s 8,107 sales, a month that heralded the outset of our market’s recovery. Most significantly, it surpassed April 2008’s 8,762 transactions and even the 9,452 sales that took place in April 2007, which was followed by the only other two consecutive months that exceeded 10,000 sales.
Breaking down last month’s numbers, there were 4,310 sales in the 416 Area and 6,588 transactions in the 905 Region.
The 3,349 condominium purchases that took place comprised nearly 31 per cent of all sales last month. By contrast, at this time a year ago condominium apartments comprised 28 per cent of the month’s transactions. This indicates a growing preference among Torontonians for the condominium lifestyle.
With respect to prices, the results are also very positive. Currently, the average price of a home in the GTA is $437,600 which represents an almost 12 per cent increase over the April 2009 average price of $385,641. Price increases in both regions were nearly equal last month. In the 416 Area the average price of $479,340 rose nearly 14 per cent from $421,470 a year ago. In the 905 Region, the average price of $410,293 increased more than 13 per cent from last April’s $362,009 average.
Homes are currently on the market for an average of 21 days compared to an average of 37 days on market last April and there are now 22,951 homes available for sale throughout the GTA in contrast to 23,515 a year ago. In the coming months though, it is expected that homeowners will be motivated by recent activity, which should result in more listings and thus, a more balanced market.
While sales have undoubtedly been robust throughout the past 12 months, the market is functioning as expected. This spring’s homebuyers are hoping to achieve purchases before July 1st due to the impending Harmonized Sales Tax and an anticipated increase in interest rates.
While homebuyers in the second half of this year will incur additional expenses due to these two factors, Greater Toronto REALTORS® are constantly advocating on your behalf to ease costs associated with homeownership. For example, we are currently seeking a commitment from Toronto’s mayoral candidates to repeal the Toronto Land Transfer tax, an action that will save homebuyers thousands of dollars.
Regardless of the many variables that can affect a transaction though, you can increase your chances of a favourable outcome by seeking the guidance of a REALTOR®. They can advise you on market conditions in your specific area, offering insight into recent sales in the neighbourhood so that you can make informed decisions when planning your next move.
For more information, be sure to visit www.TorontoRealEstateBoard.com as well, where you will find market updates, GTA listings, neighbourhood profiles, plain language explanations of common real estate forms, information on government programs and much more.
Follow TREB on www.twitter.com/TREB_Official, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel
Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 29,000 REALTORS® in the Greater Toronto Area.
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| Posted on Sun, 16 May 2010, 08:25:04 PM in Interest Rates | | | |
Robert’s Financial Update
14 May 2010
Rates Specials
5 Yr Variable 1.95%
4 Yr Fixed 4.24%
General quote only
Please ask for a personalized rate quote
____________________
Visit website
www.findingyourhome.ca try community corner section!
____________________
Robert Kavanagh
416-414-6815
www.callrobert.ca <<
Highlights of
FINANCIAL MARKETS MONTHLY
Canada’s economy is continuing to improve
��February’s GDP report indicates that output continues to grow
��Canada’s economy builds momentum on April’s employment growth
��A 2.9% surge in motor vehicle sales boosts retails sales in February.
��Activity in housing markets is continuing to improve
��Improvement in the trade surplus in February suggests that net exports will contribute positively to overall GDP growth in the first quarter of 2010
��Headline inflation index was flat in March as traveler costs dive after the Olympics.
Canada’s economy hits its stride
Canada’s strengthening economy led the Bank of Canada to alter its policy stance in April by removing the conditional commitment, a first step in the gradual withdrawal of monetary policy support. The generally improving tone in the data supports the Bank’s stance that the need for extraordinary monetary policy support has passed. The Bank of Canada clearly signaled that it is poised to raise the overnight rate from its current 0.25%. While Governor Carney indicated that a rate hike in June “is not preordained,” our forecast for the economy to maintain its strong momentum in March and April will likely lead to a rate increase to 0.50% on the June fixed action date. This assumes that the debt crisis in Europe remains contained and that a resolution is reached in relatively short order. Given the strength of Canada’s economic recovery, we still expect that the Bank will implement a policy of steady, gradual rate increases resulting in a 3.5% rate at year-end 2011.
Shifting drivers of inflation – Canada versus the U.S.
��Recent Canadian core inflation numbers have been coming in stronger than expected, prompting increased scrutiny of the inflation outlook.
��Expectations for a lower rate of inflation were largely based on the assumption that significant slack built up through the recession, as measured by the output gap, would exert continued downward pressure on inflation.
��In contrast, U.S. core inflation numbers have surprised on the downside.
��This paper examines how the relative roles of the output gap and inflation expectations in determining the rate of inflation may have changed over time in Canada and the U.S.
��Our analysis suggests that the output gap has had much less influence over the rate of core CPI inflation in Canada, with inflation expectations playing a relatively more important role, since inflation targeting was adopted as an official policy of the Bank of Canada.
��Results for the U.S. suggest that the output gap remains a significant factor in determining the rate of inflation; however its role has diminished since the 1980s with expectations increasing in importance.
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