“Slow” Real Estate Market Speeds Up in March
March home sales across the Greater Toronto Area were down only 7 per cent from March 2008, which represents a remarkable rebound from the fourth quarter of last year. The pent-up demand that was released resulted in an average sale price less than 5% lower than March of 2008.
Toronto Real Estate Board President, Maureen O’Neill, commented that the Toronto market has stood up very well, given the poor world economic climate. While the total number of sales was well down, the lower level of available listings resulted in many reported cases of multiple offers across the GTA. In fact, one of our own agents was involved in a 5-offer scenario in Mississauga just last week.
Thinking of selling this year? I would highly recommend catching what is left of the spring market, as we have no way of knowing how long it will last. The great news, however, is that the market is far from dead. In fact, it seems to have more life in it than many predicted. Another reason we call it REAL estate?
With 5-year mortgage money available currently below 4%, this is an ideal time for first-timers and investors to be making their move. Obviously, many heard that message in March… as without first-time buyers to start the chain, nothing sells.
Savvy buyers are getting on board the real estate train… whom do you know that should be joining them?