Thursday, June 18, 2009

GTA and Toronto real estate market shows strength

The Toronto and GTA real estate market is moving along at a very good pace. May 2009 sales outpaced May of 2008, this is a good sign!

Toronto, June 2, 2009 – Greater Toronto REALTORS® reported 9,589 sales in May which is almost 2% up from May 2008—the first annual increase since December 2007.

“The
resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”

We are all hoping for this excellent activity to continue

“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”

The average price for May transactions was $395,609—down less than 1% compared to the same month last year.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


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