Spring real estate market in the GTA to bloom with the flowers
If you follow real estate in the GTA, you have probably been bombarded with news articles over the past few months about a cooling market and declining home sales. While, granted, 2013 may have started off a little slow for real estate, with the warming weather comes a promise of increased activity.
The spring market is already bouncing to life, with families all over Toronto making preparations to list their homes for sale in the upcoming weeks and months. From renovations and landscaping, to meeting with Realtors to determine their home’s value, sellers are doing what they can to capitalize in a time where home prices are at near record highs.
This spring and summer also promises to be a great time for buyers. Last month the Bank of Canada announced that interest rates are to again remain unchanged from where they have been sitting for roughly 2 years - at the 1% mark. While rates are eventually expected to increase, buyers are doing what they can now to lock in more affordable mortgages while the going is still good. The influx of buyers in Toronto is already being felt in the presence of bidding wars and over-asking sale prices.
In short, there’s no need to worry about this year’s market. Soon, it will be blooming again with the flowers. Open houses on every corner, line-ups at banks as buyers get their pre-approvals, and a market that is more competitive than ever will be all common place as the summer months inch closer.
If you’ve been thinking of selling your home and are looking for information about it’s value or the market in your neighbourhood, I certainly welcome your call. Perhaps you’ve been thinking of downsizing from your family home to a condo or townhome, or maybe you’re looking to take a step up the property ladder with your next purchase being your ‘dream home’. Either way, I can help. Feel free to let me know if you need any advice at any time.
RE/MAX West Realty Inc., Brokerage
Independently owned and operated
Office: (416) 588-6777
Direct: (416) 710-4383
April 3, 2013- The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012. "The average selling price and the MLS® Home Price Index Composite Benchmark was up on a year-over-year basis across most home types, especially in the low-rise market segments where supply remains an issue. TREB's average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis. To read more click here.