Good News...Do you need some today?

We need some good news so lets look on the bright side!

As we reach the midpoint in the month of August TREB has some very encouraging numbers to report. Unexpectedly home sales are up 23% over the same period last year, this despite a slight cooling of the Real Estate Market for the past several months.

Surprisingly new listings have also increased by 23% in the first 2 weeks of the month. This higher than expected number of homes for sale has had the effect of reducing the number of multiple offers that we have seen in the past.

TREB also reports that House prices have increased by 8% in the 905 area compared to 3.6% in the 416 area. Perhaps that’s because there is still margin for increase in lower priced area.

One last interesting fact remains the increase of Condo sales in the 905 area. They are up 43% over the same period as 2010.

In a nutshell I’d say we can conclude that the financial woes of the World have yet to touch the strong Housing Market in the GTA. That’s great news for those of us who live and work here. 

Elfie Hayes as seen on the CTV National News, Rogers TV, published in RENO & Décor Magazine and profiled in Canadian Mortgage Professional Magazine.