Even Re/Max Agrees

July 13th, 2009

In past 10 months we’ve seen real estate headlines change more than the irrevocable time in an offer (har har realtor joke). As reported in my previous post, prices are up 2% and sales up 27% for the month of June. Buyer confidence is back, and although multiple offers are as well, savvy buyers are taking full advantage of low mortgage rates. Here’s what Re/Max Ontario Atlantic had to say about it:

Pent-up demand for residential housing continues to fuel home buying activity across the Greater Toronto Area. The number of homes sold in June – at 10,955 — came close to the historic record of 11,146 units set in May 2007, while pressure on average price is sending housing values higher than one year ago. Although balanced market conditions prevail, there are those communities that have clearly transitioned into sellers markets. Inventory is key, with the number of properties currently listed for sale down approximately 30 per cent from 2008 levels. Over the past six weeks, momentum has been building, with demand strongest for homes priced between $300,000 and $600,000. Multiple offers are once again commonplace, especially in the city’s coveted hot pocket neighbourhoods.

Affordability – in terms of low interest rates and housing values – has been the impetus for first-time buyers. Luxury home sales have also experienced solid demand in recent months, with 291 homes changing hands over the $1 million price point in June – a new record. The threat of higher interest rates and home prices are expected to stimulate a flurry of home-buying activity in the months ahead. By year-end, sales are forecast to exceed 2008 levels.

Buyer’s take advantage of these low rates before the headlines change again!
Sellers, we need more inventory out there…now would be a great time to list!
Whatever your position give me a call…i’d love to help!