Market update - Spring Fever 2009!! 

It has most definitely been an interesting spring real estate market so far!  I thought I would share with you some recent market activity specific to the Downtown Toronto area which may shed a light of optimism!  We've been experiencing some positives sales in the some areas of the city, particularly with the first-time buyer, entry level homes.

 The recent Bank of Canada decision to cut rates once again, with lenders following suit, and yes, some softening of prices, many first-time buyers realize this truly is a favourable time to buy.  A comparison of fixed rates today from six months ago translates into huge savings to the buyer of $15,300 over a five year term on a $250,000 mortgage (25 year amortization)!!!  Although qualification policies have tighten (and in my opinion not a bad thing) these phenomenal, historically low rates give buyers much more buying power.

 Savvy buyers know when they see a great property that fits them perfectly and are not hesitating to act...it may not be there later!  We have seen some properties sell within days, near or at asking price and, surprisingly, a few exceeding the asking price with multiple offers.  This clearly demonstrates that there are still many, qualified buyers looking to enter into homeownership or seeking investment properties.

 Properties that are accurately priced for our current market and properly staged continue to sell well!  There is always, and continues to be, a need for a selection of good homes for us to show prospective buyers.  Please contact me for more detailed information in your neighbourhood.