Everyday I am asked at least 10 times, how’s the real estate market. When I answer its really busy people look at me with a skeptical look. I have been telling everyone who will listen for weeks that the market in the GTA and that includes Brampton is hot. I have been on a double offer (where there are at least 2 offers on a home) 10 of the last 12 weeks. One of the homes had 8 offers on it. I was also encouraging everyone I could to get pre-qualified before interest rates changed and sure enough they have increase over the past 2 weeks. What this means for sellers is there are Buyers out there with Pre-approvals at the low low rates who have to buy and close in the next 90- 120 days. So if you are thinking of selling, call me today. We want to make sure you capitalize on this activity. Here is the update on the market from the Toronto Real Estate Board.
GTA Resale Housing Sales Up 19 Per Cent in the First Half of June TORONTO, June 17, 2009 – Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year. “Households in the GTA have become more confident in purchasing a home over the past three months,” said TREB President Maureen O ’ Neill. “Affordability, due in part to very low borrowing costs, has played a key role.” The average price for MLS® sales was $407,716, up by two per cent compared to last year. “Heightened interest in ownership housing this spring has solidified resale home prices,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “ The number of home buyers has been high relative to the number of listings, pushing the average price above last year’s level. ” Summary Of Mid-June Sales And Average Price June 2009 2008 Sales Average Price SalesAverage Price City of Toronto (“416”) 2,023$449,946 1,733$439,469 Rest of GTA (“905”) 3,162$380,698 2,641$371,686 GTA 5,185$407,716 4,374$398,542 Source: Toronto Real Estate Board