Back to: March 2010


Jim to Concentrate on Construction / Renovations
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Our oldest son, Bill, has had a construction company, Duerr Construction, for several years. His younger brother, Joe, graduates with a degree in Construction Management in a few months.

An ideal time to expand into renovations / additions and investment in houses for re-sale. Visit our (in progress) website, DuerrConstruction.com, for info on our current and past projects, tips and market news with an eye on investing.

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OTHER ARTICLES
 

With Compliments of
Semone Duerr, Joe Duerr
Sales Representatives


Re/Max Hallmark, ltd., Brokerage
2237 Queen St E
Toronto, ON, M4L 1G1
T: 416 566 6050
D: 416 275 9582
Info@DuerrTeam.com
DuerrTeam.com

Sales, Prices, Listings Higher

Toronto, March 5, 2023 – 

Home sales, prices and new listings were up on an annual and monthly basis. Population growth and a resilient regional economy continued to support the overall demand for housing. Higher borrowing costs kept home sales below the February sales record reached in 2021.

“We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA,” said TRREB.

5,607 GTA home sales in February 2024 – an increase of 17.9% compared to February 2023. . New listings were up by an even greater annual rate than sales.  On a seasonally adjusted month-over-month basis, February sales were lower following two consecutive monthly increases while new listings were flat. Monthly figures can be somewhat volatile. 

Home selling prices in February 2024 remained similar to February 2023. The MLS® Home Price Index Composite benchmark edged up by 0.4 per cent. The average selling price of $1,108,720 increased by a modest 1.1%.

“As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said TRREB.

“Population growth has been at a record pace and with the anticipated lower borrowing costs, the demand for housing – both ownership and rental – will also increase over the next two years. Unaffordable housing not only has a financial impact but also a social impact. Recent research conducted for TRREB by CANCEA in our 2024 Market Outlook and Year in Review report underscores the negative impact of unaffordable housing on peoples’ mental health and life satisfaction. It’s comforting to see that there has been some real building happening in the GTA and that the provincial government is rewarding those municipalities that are working to eliminate the red tape and meet those homeownership needs,” said TRREB.

Read the complete TRREB Market WatchCondo ReportRental Market Report. For December's graphs, see TRREB's Housing Market Charts

Please remember we are never too busy for your referrals.

Semone, Joe and Bill Duerr.



NATIONAL MORTGAGE RATES
Term Posted
Rates*
Best
Rates*
6 Months 3.34% 3.30%
1 Year 3.59% 3.04%
2 Years 3.74% 2.89%
3 Years 3.89% 2.79%
4 Years 3.95% 2.95%
5 Years 5.34% 2.69%
7 Years 5.80% 2.99%
10 Years 6.10% 3.04%
Variable Rate 2.90%
Prime Rate ** 3.95%
*last updated: Feb 18,2020


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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.