June 7, 2012 Real Estate Market Update

The Toronto Real Estate Board has reported another strong month for the housing market in the GTA. In May of 2012, there was an 11% increase in the number of sales and home prices are up an average of 6.5% over the same time last year.

The low down and trends to look for:

1) The market remains strong becasue of a number of factors including low interest rates, high demand and the desire of people to enter the housing market.

2) Listings are up over 20% over the same time last year. If this trend continues the housing market will begin to balance as there will be more choice for home buyers. This will mean a more moderate pace of price growth and a return to a more average time it will take to sell a home.

Contact Jeff O'Leary for more detailed information on your area.