ResalesToronto Home Sales Pick Up
Toronto is a clean, safe, cosmopolitan city with a wonderful network of parks, recreational, and cultural facilities, say local Realtors, and it is Canada"s most populated city. Home sales are still down from last year, but picking up steam from early spring.
"Toronto is the home of four professional sports teams and the third largest English-speaking theatre district in the world, behind New York and London," says Realtor Carlos Vieira. "One of the world"s most ethnically diverse cities, it is home to more than 80 ethnic communities from Africa, Asia, and Europe. Toronto is also the business centre of Canada. Toronto is a first-rate North American visitor destination. With countless outstanding attractions including Skydome, Casa Loma, Royal Ontario Museum (ROM), The Hockey Hall of Fame and the CN Tower, it"s not surprising that Canada entertains millions of visitors each year."
Says Vieira, "Toronto recorded 7,307 single-family dwelling sales in April through the Toronto Real Estate Board MLS system, down 11 per cent from last April"s 8,181 sales, but up 5 per cent from March"s 6,986 figure. The average price for a single-family home moved up 1 percent to $292,783 in April from March"s price of $290,185, and up 5 percent from the $277,664 recorded in April 2002. The real estate market remained stable over the cold winter months and now that warmer weather is on its way, we can expect to see a very vibrant spring selling season."
Downtown Toronto extends south from Eglinton Avenue to Lake Ontario, bordered on the west by Dufferin Street and on the east by the Don Valley Parkway, says Vieira.
"Downtown Toronto recorded 653 single-family dwelling sales in April through thereunto Real Estate Board MLS system, down 8 per cent from last April"s 710 sales, and up 5 per cent from March"s 623 figure. The average price for a single-family home moved up 7 percent to $459,893 in April from March"s price of $430,011, and up 1 percent from the $456,268 recorded in April 2002."
Says Realtor Joyce Linett, "According to The Canadian Real Estate Association (CREA), consumer confidence continues to shine and the five-year mortgage rate remains historically low and is expected to remain near its current level over the rest of the year. In the months ahead, economic fundamentals are expected to support housing demand. Resale housing activity is on track to reach its second-highest level on record, surpassed only by last year"s red hot market."
"The rental market is weak partly because many tenants are buying and partly because of the large number of condominium units being bought by investors as rental units. There is still a shortage of lower priced rental accommodation," explains Realtor Margaret McRae, "Even though prices have been increasing, it is still a good time to buy. Low mortgage rates and high rents make buying attractive to first-time buyers. For empty nesters, downsizing may make sense, freeing up more money for travel and lifestyle activities.
McRae says, "Some neighbourhoods and price ranges are hotter than others. Leaside and North Toronto have been hot for several years with properties often selling for more than the list price. Homes priced less than $350K are also in great demand. For those considering downsizing it is a great time to sell. Conditions are also favourable for people who are upgrading as they should be able to sell their present home readily."
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