Greater Toronto REALTORS® reported 4,567 sales through the Toronto MLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.

"A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership," said Toronto Real Estate Board President Richard Silver. "The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum," continued Silver.

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

"Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012," said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. 

Read the Complete Market Watch Report here

Press Release by Bank of Canada:

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The outlook for the global economy has deteriorated and uncertainty has increased since the Bank released its October Monetary Policy Report (MPR). The sovereign debt crisis in Europe has intensified, conditions in international financial markets have tightened and risk aversion has risen. The recession in Europe is now expected to be deeper and longer than the Bank had anticipated in October. The Bank continues to assume that European authorities will implement sufficient measures to contain the crisis, although this assumption is clearly subject to downside risks. In the United States, while the rebound in real GDP during the second half of 2011 was stronger than anticipated, the Bank expects the U.S. recovery will proceed at a more modest pace going forward, owing to ongoing household de-leveraging, fiscal consolidation and the spillovers from Europe. Chinese growth is decelerating as expected towards a more sustainable pace. Commodity prices – with the exception of oil – are expected to be below the levels anticipated in the October MPR through 2013.

Read the complete report at Bank of Canada's website at:

http://www.bankofcanada.ca/2012/01/press-releases/fad-press-release-2012-01-17/

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With 4,718 transactions through the Toronto MLS® system in December 2011, the year 2011 posted the second best year on record for Resale Home Sales. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.

"Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs," said Toronto Real Estate Board President Richard Silver. "If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area," added Silver. 

The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.

"Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices," said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Here's a small Video on Market Watch by Jason Mercer, TREB's Senior Manager of Market Analysis.

You can read the complete Market Watch Report here

If you are moving, remember to notify Enbridge Gas at least 3 business days before your legal closing date or lease agreement date. Effective December 1, 2011, Enbridge Gas will no longer process Move requests retroactively. Advance notice is important to ensure the move is processed correctly. Now Enbridge also offers an online Self Service option at the following site:

www.enbridgegas.com/moving

Whether you want to buy or sell your home or just curious about what's been happening with Greater Toronto Area Real Estate market, you will find this video very interesting. Here you can hear Mr. Jason Mercer, the Senior Manager, Market Analysis at the Toronto Real Estate Board explaining as to where we are  presently, what's expected about interest rates in future, what and how the jobs and income growth is going to perform and what's Resale Homes market Outlook for 2012. The video has about 25 minutes of  some very interesting and detailed information on these subjects, enjoy. 

You can find your Dream Home at our home search site at www.FindmyGTAHome.com. 

If you want to know fair market value of your home, please visit www.MyGTAHomeValue.com

Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.

"The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide," said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

"Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Median Price
Median Price In March, the median price was $385,000, from the $370,000 recorded during March of 2010.

Read the complete Market Watch Report Here

OTTAWA –The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

Although recent economic activity in Canada has been stronger than the Bank had anticipated, the profile is largely consistent with the underlying dynamics outlined in the January MPR.  Aggregate demand is rebalancing toward business investment and net exports, and away from government and household expenditures. As in January, the Bank expects business investment to continue to rise rapidly and the growth of consumer spending to evolve broadly in line with that of personal disposable income, although higher terms of trade and wealth are likely to support a slightly stronger profile for household expenditures than previously projected.  In contrast, the improvement in net exports is expected to be further restrained by ongoing competitiveness challenges, which have been reinforced by the recent strength of the Canadian dollar.

Read the complete report at Bank of Canada's Website at:

http://www.bankofcanada.ca/en/fixed-dates/2011/rate_120411.html

Buyers and Home Owners should take advantage of this present market conditions. If you are paying high interest Rates on your mortgage or have equity in the house and want to consolidate your debts to reduce your monthly payments, now is the time. If you are thinking of purchasing in next few months, now is the time to apply and get pre-approved and lock-in the lowest interest rates.

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OTTAWA –The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic recovery is proceeding at a somewhat faster pace than the Bank had anticipated, although risks remain elevated. Private domestic demand in the United States has picked up and will be reinforced by recently announced monetary and fiscal stimulus. European growth has also been slightly stronger than anticipated. Ongoing challenges associated with sovereign and bank balance sheets will limit the pace of the European recovery and are a significant source of uncertainty to the global outlook. In response to overheating, some emerging markets have begun to implement more restrictive policy measures. Their effectiveness will influence the path of commodity prices, which have increased significantly since the October Monetary Policy Report (MPR), largely reflecting stronger global growth.

Read the complete report on Bank of Canada's website at:

http://bankofcanada.ca/en/fixed-dates/2011/rate_180111.html

Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.

"Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term," said TREB President Bill Johnston.

The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.

Here's a small Video on Market Watch by Jason Mercer, TREB's Senior Manager of Market Analysis.

Read the complete Market Watch Report here

Concern over rising consumer debt levels is prompting Ottawa to make three new changes to Canada's mortgage rules. Flaherty unveiled three main changes:

- The maximum number of years the government will back a mortgage was lowered from 35 to 30.

- The upper limit that Canadians can borrow against their home equity was lowered from 90 per cent to 85 per cent.

- Government insurance backing on home equity lines of credit, or HELOCs, has been removed.

Read the complete report by Bill Curry of The Globe and Mail at BNN's Site

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Business News Network reported today: The recession ended in June 2009, making it the longest downturn since the Great Depression of the 1930s, the National Bureau of Economic Research said on Monday.

Greater Toronto REALTORS® reported 2,623 sales through the Multiple Listing Service® (MLS®) during the first two weeks of September 2010. This represented a 22 per cent decrease compared to the 3,361 sales recorded during the same period in 2009. Year-to-date sales amounted to 65,455, representing a six per cent increase compared to 2009.

“Sales remain below the record pace we experienced in the second half of 2009. The prospect of higher interest rates and new mortgage lending guidelines resulted in higher than normal sales in the first few months of the year. To balance this out, the pace of sales has slowed in the second half,” said Toronto Real Estate Board President Bill Johnston.

“It is important to note that year-to-date sales remain above the number reported through the same period last year,” added Johnston.

Read the Complete Report here

Want to know the Fair market value of your home, please visit www.MyGTAHomeValue.com

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OTTAWA –The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic recovery is proceeding but remains uneven, balancing strong activity in emerging market economies with weak growth in some advanced economies. In the United States, the recovery in private demand is being held back by high unemployment and recent indicators suggest a more muted recovery in the near term.

Economic activity in Canada was slightly softer in the second quarter than the Bank had expected, although consumption and investment have evolved largely as anticipated.  Going forward, consumption growth is expected to remain solid and business investment to rise strongly. Both are being supported by accommodative credit conditions, which have eased in recent weeks mainly owing to sharp declines in global bond yields.

Visit Bank of Canada Website for complete Report

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