Record First Quarter Sales
Here's what the Toronto Real Estate Board has to report about 2010 first quarter sales:
- the best result on record under the current Toronto Real Estate Board boundaries -
"The strong rebound in the existing home market was one of the inital drivers of economic recovery," said TREB President Tom Lebour. "While we don't expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries."
The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42% compared to March of 2009.
"The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring," said Jason Mercer, TREB's Senior Manager of Market Analysis. "As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth."
My 2 cents: Different areas will bring different growth percentages...this 42% is for the GTA overall. All-in-all, the phones are ringing, properties are getting listed and buyers are writing deals...will this change? HST is being talked about alot...so are the increasing interest rates...however, property investment is still the best investment over the long-term.