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Toronto and GTA Real Estate Market Update Report - Average House Prices up 5%

Toronto Real Estate Market Update Report for March 2011

 

The Toronto Real Estate Board reported 9,262 transactions for the month of March 20111.  This is the second best March result on record, yet its an 11% decrease from record results report in March of 2010.

But what most people care about is the actual average house prices.   Are house prices in the GTA going up?    Each month I think they will stablize, maybe even decrease slightly, however, each month we have to report they keep on climbing.   The average house price for March for $456,147, which is up 5% year over year.

The strongest average price growth was reported for condominium and semi-detached homes, both home types were up approximately 7%.

The market continues to remain strong for the first quarter of 2011 based on a solid affordability picture and improving economic conditions in the GTA.   

What real estate sells the quickest in Toronto to Mississauga?   Location!  Staged!  Renovated!   Buyers are willing to pay much more to get more!    With banks tighting restrictions on financing, many buyers are opting for renovated, move-in ready homes to avoid any future line-of-credit requirements.    

How are GTA Investors Doing?   Our office has recently experienced a surge in rental inquiries as well from transferee's from across the United States.   We are quickly filling our luxury investor condos with tenants and have a shortage of furnished units for rent on a short term basis under $2,000 a month.

For a complete update on the Toronto and GTA Real Estate Market watch the quick You Tube Video below - complete with comprehensive house price charts and graphics.

Have a Real Estate Question?    Toronto Real Estate Office 416-896-3333

www.SuttonRealty.com  --  www.SearchTorontoHomes.com

  

 

 

Posted: Friday, April 08, 2011 4:54 PM by Sutton Realty
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