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May GTA Real Estate News - Average House Prices & Stats for Toronto & 905


Steady House Price Increase in Toronto & 905
 

Toronto real estate price chart


Prices continued to appreciate in April.
   Prices across the GTA (Toronto & surrounding areas) continued to climb last month to an average of $398,687 (for April), up five percent from last April's $379,025.

  • The average price in the City of Toronto was $446,781, up six percent from April 2007, despite the new Toronto Land Transfer Tax, which shows the underlining strength of the market.

The 905 region's average price of $367,196 increased five percent from a year ago.

Check our House Price Growth Chart to see the gradual price increase for single family residences as reported by the Toronto Real Estate Board throughout the 2000's.   While we haven't experienced the stellar price increases like Edmonton, Calgary and Vancouver over this same period ... I prefer a steady pace.  These figures are impressive enough but to investors abroad and out west, our Ontario House prices still look like bargain prices to many.    Click here to see Province wide average house prices.

GTA Real Estate Hot Spots:   Several neighbourhoods experienced strong sales in April.

  • Scarborough East (E08) saw a five per cent overall sales increase compared to April 2007, driven by robust detached home sales.
  • Caledon (W28) experienced a 15 per cent increase compared to the same timeframe a year ago as a result of strong condominium sales.
  • Condominium sales also drove Willowdale (C07) to a 32 per cent increase from a year ago.
  • In Thornhill, sales increased eight per cent from last April due to strong detached home sales.


The market continues to experience a supply and demand situation and todate it remains a seller's market.   Our offices in particular are experiencing multiple offer situations on many properties.  

The good news for buyers is interest rates are predicted to go down!   I recommend First Time Buyers entering into the marketplace pay special attention to their mortgage options before starting the house hunt.   There are just so many considerations, how do you know you are getting the best mortgage rate?   Does the monthly payment and term suit your personal budget.  It's not always a matter of what you qualify for, it's about your lifestyle and what you are willing to pay per month.   Leaving your mortgage details to the last minute, after you have found the perfect home can cause unnecessary stress.   Real Estate has proven to be an excellent long term investment and maybe one of the largest investments you will make in your life - it's worth getting expert advice in advance.  

Bank Prime Lending Rate
March 5, 2008  
5.25%  
April 23, 2008  
4.75%  
June 11, 2008  
Next meeting date  

Canada's Mortgage Rates on the Way Down; Some Could Fall to 5% Over the Next Year, Experts Say  

Canada's mortgage rates are heading down. At a time when stock markets are volatile and with the economy and income growth slowing, the positive news for those planning to get into the housing market or whose loans are up for renewal is that it's going to cost less to finance a mortgage.
Read the full article 

Canada Mortgage Rates Lending

Todays best mortgage rate for 5 year



At Sutton we're keeping one step ahead with
Money Saving
Mortgage Products designed with our
Buyers & Sellers in Mind.


Click here for details on the
4.50% - 5 Year Fixed Mortgage
www.SuttonRealty.com


This Months CONDO PREVIEWS for Buyers & Investors:  

Did you know?   As active Realtors working with many builders, we receive special exclusive invitations to advance viewings of New Home and Condo Openings with preview discounts.  This month you are invited to attend the Preview of Flatiron Lofts at Queen & Carlaw, Toronto starting at $189,900.  Toronto Lofts are hot and in demand!  905'ers join us for the Stonebrook Phase 1 opening in Mississauga.   Call us at 905-896-3333 or 416-896-3333

Search Sutton Real Estate Listings

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Posted: Monday, May 12, 2008 11:55 PM by Sutton Realty

Comments

Vancouver realtor said:

You mentioned a stellar price increase in <a href="http://jaybanks.ca/real-estate">Vancouver real estate</a> prices. But don't you think that it is just a question of time when the same trend reaches Toronto? I'm not saying it will happen in the same degree as elsewhere, but Toronto is also a growing city with lot of potential. It is hard to predict how the market will react but what can be said is that there won't be much difference in real estate in such areas as Toronto, Vancouver, Edmonton, etc.

# May 15, 2008 2:15 PM

Sutton Realty said:

It would certainly make sense that Toronto House Price increases would eventually catch up with out west ... but it will probably take a bit of time.   We're still scratching our heads with the New Toronto Land Transfer Tax increase ... but hopefully when we see the money is going to great improvements to our city we'll stop complaining.

The price increases are now at a nice steady pace and a lot easier to take for new home buyers.  

Your Vancouver website is great - it provides a lot of statisical information helpful for Torontonians to compare with when thinking of relocating.

# May 15, 2008 9:58 PM
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