March 2014 Real Estate Newsletter! Dear Friend, With the days getting longer and some warmth finally coming from the sun, spring is just around the corner and the spring real estate market has begun. Sales in February, even though one of the coldest on record, were about the same as last year coming in at 5,731 (compared to last year’s 5,613) - a good month for real estate given the cold that we all had to endure. The inventory of homes for sale is still very low throughout the Greater Toronto Area with only 14,019 homes available for sale right now. The significance of this number becomes very clear when you consider that the number of homes for sale, at the exact same time 10 years ago, on February 28, 2004, was 17,640 or 26% more. It is even more amazing when you realize that the GTA’s population has grown by over 500,000 people over that same 10 year period of time. Given these factors, multiple offers will continue for well-priced homes throughout the spring season. What a great time to list your home for sale. And of course if you sell your home, you have to buy another one. If you are in the market to buy a home, you are also in a great position this spring. Discounted rates for 5 year fixed mortgages are now back to the lowest levels seen since the early 1960’s with rates approaching the 3.00% level. Combine this with the expected strong price growth through 2014, and it’s also a great time to buy. In addition, there are some great positives on the economic front right now for Ontario. The decrease in the Canadian Dollar versus the U.S. Dollar, combined with the economic recovery occurring in the U.S., should help increase the rate of job growth this year and help to reduce the overall unemployment rate in the province and in the GTA. Ontario should finally be getting a long awaited economic boost like they have been experiencing in Western Canada for many years. Please call us if you would like any further details about the market or are thinking of buying and selling. WE ARE NEVER TOO BUSY FOR YOU, NOR TOO BUSY FOR YOUR REFERRALS. Thanks very much and we look forward to talking to you soon.
Posted on: Mon, 10 Mar 2014 17:20:35 +0000