It’s that time again to discuss the Toronto real estate market during the first 14 days of March, but before I share the numbers with you, I just have to say that the market is hot, hot, hot, if you haven’t noticed.
Here are the numbers you’ve been waiting for, from TREB’s report:
- 4,215 transaction reported through the MLS during the first 14 days of March, up 7% from March 2011
- Number of listings were down 2% year-over-year, hence all the madness between buyers
- Average selling price in the 416 area is…….$553,536, up 9% from the same period last year
- Average selling price in the GTA is………….$502,155, up from March 2011
This is great news for all the sellers out there, who saw their homes selling for 100% of asking price and within 3 weeks! If you’re a buyer, don’t panic yet, although the numbers during the first 14 days of March 2012 reflect strong sellers market conditions, I’ve been seeing a lot more listings coming on the market in the last half of the month. Sellers have been hit with spring fever as Toronto has been experiencing above average temperatures and are excited about the upcoming spring market, which tends to be the busiest time of year in real estate. So my advice to all you buyers, be patient for just a little while longer as the tide is about to turn.
Also fuelling this frenzy of multiple offers and bidding wars has been the current mortgage wars. BMO brought back their 2.99% 5 year fixed rate, which caused the other major banks to follow suit. Borrowing has never been so affordable and buyers are definitely taking advantage as the variable rate becomes less attractive in the long run. Now, before signing on the dotted line, make sure you review and understand the terms and conditions of your mortgage. I know BMO’s offer is a “no frills” mortgage meaning, no prepayment privileges and higher penalties then normal for breaking the mortgage before 5 years, among other conditions. Meanwhile RBC started offering the same rate, but with “frills”, so make sure to do your homework and choose a mortgage that suits your life now and in the future.
Bottom line, it’s a great time to sell, so if you’re contemplating that for sale on your lawn, do it sooner rather then later, as who knows where the Toronto real estate market will stand within a couple of weeks let alone next month. Don’t forget that I can help you or your referrals, so make sure to contact me with all your questions and concerns. Now, don’t get me wrong, it is still predicted to be a strong spring market, but why wait for your competition, when you can beat them to the chase and be the kid on your block that receives top dollars for your home due to low inventory levels. Also, who knows when rates will go up, so take advantage now of the large pool of buyers house hunting and willing to spend the dough!
What are your thoughts? Are you a frustrated buyer or an eager seller? I would love to hear from you!