Good afternoon to all;
I hope that everyone has plans to spoil their mom’s this weekend!
Realtor Day Cancellation
I’m sure all of you had planned to come visit me at the Scotiabank in Yorkdale Mall for Realtor Day. Unfortunately we got bumped last minute for a corporate fundraiser event.
Please stay tuned and I will communicate the next event in the June time frame.
In the GTA Market (Read the full report)
TORONTO, May 3, 2013 – Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.
“Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah.
“It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah.
The average selling price for April 2013 transactions was $526,335 – up by two per cent in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9 per cent.
“The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis. The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
The average selling price for April 2013 transactions was $526,335 – up by 2% in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9%.
Average selling price of a detached home in the 416 area $852,090
Watch the GTA Residential Market summary Video – www.YouTube.com/TREBChannel
Economic Outlook Commentary (Read the full report)
BoC Revises Growth Forecast In April, the Bank of Canada downgraded its forecast for growth in the Canadian economy to 1.5 per cent for 2013 from the two per cent growth rate it had forecast in its January Monetary Policy Report. The Bank’s decision to lower its growth forecast was due to deterioration in a number of key economic indicators through the first quarter of this year.
This will keep pressure on low interest rates.
Also for those investing in equities – take a look at the monthly perspective report provided by TD’s Mario Nunnaro.
To all the moms and moms to be – Have a wonderful weekend, Anthony