Canada Realty News

Back to: April 2009

US Market Finally Bottoming?
April 1 - US existing home sales rise nationally, as bargain hunters start buying. California Feb sales rise 83% yoy. Price declines (-19% yoy) increase pending home re-sales (already contracted) which rise 2%. These contracts will become sales on closing, reinforcing the buying upswing. Refinancing surges 48% as Mortgage Rates fall to lowest in 37 years. Case-Shiller Index says US back to 2004 levels. Existing Home Sales make up 90% of the US housing market. The average price held up fairly well from the 2005 peak, but decreased significantly from June, 08 to now. March 17, New Home Starts unexpectedly rose mostly on multi-family dwellings, as rentals and condos move ahead. US Affordability Index - continues to break records as average house prices fall further. Income required for average US home drops from $50k in June, 08 to $35k in Jan, 09. Obama stimulous package includes $8,000 for 1st time buyers; $75 Billion toincrease available credit for mortgages; and, a possible change to allow bankruptcy judges to change terms of mortgages

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With Compliments of

Semone Duerr
Sales Representative

Re/Max Hallmark, ltd., Brokerage
2237 Queen St E
Toronto, ON, M1E 1G1
T: 416 699 9292
D: cell: 416 566 6050
homes@GreatTorontoHomes.com
www.GreatTorontoHomes.com

Hi:

Sales and Listings Lower, Prices Up

July, 2010 -- July's sales dipped 34% from July, 09 and listings were the lowest since 2002. However, year-to-date sales were up 12% from the same period. Average price was up 12% from a year ago to $432,253. Read the Complete TREB MarketWatch.

“Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price,” said TREB.

Despite this, I have noticed a significant upswing in buyers' interest and expect a very busy post-Labour Day season. Rates are low and expected to remain low with the sluggish economy, the HST has gone through and has minimal impact on the existing housing market. Fewer listings will mean more competition amoung potential buyers for a smaller stock of available homes.

Upper Beach Reno

We're down to the painting on our reno project. We're on track for Open Houses the weekend after Labour Day. See my website for daily videos of the construction.

NATIONAL MORTGAGE RATES
Term	Posted Rates*	Best Rates*
6 Month	4.55%	3.95%
1 Year	3.50%	2.45%
2 Year	3.90%	2.80%
3 Year	4.45%	3.35%
4 Year	5.05%	3.80%
5 Year	5.40%	4.00%
7 Year	6.20%	4.80%
10 Year	6.50%	5.20%
Variable Rate		3.25%
Prime Rate		2.75%
* last updated: Aug 30, 2010

The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.