Is the March mini-boom in real estate true or is it a myth?

In a few more days it will be March 2016 and you probably have heard of something commonly called the March mini-boom. Read more-



The above chart shows the average Home Resale Prices for 2012-2015 or 4 years and you will note that the upward trend in prices more distinctly starts in March. Click picture to enlarge.

Last year a listing in the $500K range that was put in the market towards the end of May instead of March would have gotten the seller $40K more if the seller opted to put it in the market earlier as he lost the momentum of the upward trend in prices. Contact Alex for questions 416 8875193.

GTA Home Sales Again At Record-Breaking Pace With No sign Of Ending!

Toronto Star

Business

GTA real estate sales hit record high in February

Excerpted from The Toronto Star

The Toronto Real Estate Board says there were 7,621 sales in February, up from 6,294, an increase of 21.1 per cent.

Darren Calabrese / CP

The Toronto Real Estate Board says that 2015 was a record sales year for its members, with 101,299 sales through TREB realtors through the year.

By: The Canadian Press, Published on Thu Mar 03 2016

Real estate sales in the Greater Toronto Area hit a record high last month, even after accounting for the extra day because of the leap year.

The Toronto Real Estate Board says there were 7,621 sales in February, up from 6,294, an increase of 21.1 per cent.

About two-thirds of the sales were outside the city of Toronto, itself, where there were 2,809 sales, an increase from 2,352 in the same month last year.

Average prices were also up, hitting $719,843 in Toronto, itself, and $665,100 in the rest of the GTA.

Toronto and other parts of the real estate market in southern Ontario were among the hottest in Canada last year, trailing only Vancouver and parts of B.C.’s Lower Mainland region.

Vancouver’s realtors announced Wednesday that sales in that city also set a record in February, with 4,172 homes sold, up 36 per cent from the same month last year.

Realtor Royal LePage says it expects Canada’s real estate market to slow this year due to eroding affordability in Toronto and Vancouver and the fallout from declining oil prices in Western Canada.

In its latest report, the realtor says the average price of a Canadian home increased 6.5 per cent to $500,688 in the fourth quarter of last year, compared to the same period on 2014.

The average cost of a two-storey home nationwide climbed to $610,134 in the quarter, up nearly eight per cent compared with the previous year.

The price of a bungalow rose 5.4 per cent year-over-year to $420,082, while the average price of a condo grew 3.1 per cent to $341,448.

Royal LePage says it expects the average cost of a Canadian home to rise by a more moderate 4.1 per cent over the course of 2016.