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Real Estate Updates on Market Trends, House Prices, Homes for Sale in the GTA, Mississauga, Toronto, Brampton, Oakville and Burlington. Sutton Realty Blog, Sutton Mortgage, Contact Sutton 416-896-3333, 905-896-3333 Canada Toll Free 1-800-265-1361

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Toronto - GTA April Real Estate Housing Market Update


   GTA House Prices Rise Despite the Weather
Even with the worst weather conditions the GTA has experienced since 1938, house prices beat the winter blues.  Compared to last March, the average price in the GTA rose four per cent to $380,338 and two per cent in the City of Toronto to $404,361.
While local buyers are finding their way to Open Houses, expect some competition over the horizon.   We are finding more foreign investors leaving the lack luster American markets to what they feel are still bargain Canadian prices.
In addition, forty per cent of international households that come to Canada settle in the GTA, giving us robust immigration levels; employment and wages continue to be strong; borrowing costs remain at historically low levels and there is a wide variety of mortgage products from which to choose.
  
> Sutton will be introducing an exclusive New 4.50% - 5 Year Mortgage product next week.   If you'd like advance details, just give us a call.

Sales for the GTA were definitely down for the first quarter but buyers have finally finished shoveling their way through the snow and there is now a pent-up demand.   If you are thinking of selling your home, the timing is right with the low level of inventory.  

  February 2008 New Home Sales Increased by 48% Compared to January 08

RealNet Canada Inc. just released their 2008 GTA New Home Market Report, providing insight into sales activity.   February 2008 Low and High Rise new home sales in the Greater Toronto Area totaled 2,562 units/lots sold, down 6% from the same time last year. February 2008 Low Rise sales accounted for 58% (1,495) of the new home sales activity in the GTA, with an increase of sales of 43% from the previous month.   February 2008 High Rise sales totaled 1,067 units sold, up 55% over the previous month and up 20% compared to the same time last year.

Condo-mania

In Toronto, the average price of a condo jumped 7.6 percent from 2007 with a forecasted increase of another 2.9% expected by year end.

Cranes will dot the skies of Toronto this year.   Condo starts are forecast to increase by 28.3% to 11,883 units, leading the country and overtaking the 2007 leader Vancouver, where 8,688 units are projected for 2008.

Did you know?   We also work with many builders and receive special exclusive invitations to advance viewings of New Home and Condo Openings.  In many cases we are able to offer our clients first opportunity to preview new developments plus give discount certificates on special Agent Preview Days.   Simply give us a call to be added to our advance invitation list or visit us at www.SuttonRealty.com
Thinking of selling?  Get a Free Market Evaluation on your home today!
Looking for a Toronto Condo - live or invest.

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