Greater Toronto REALTORS® report Mid-April Resale Market Figures

TORONTO, April 16, 2010 – Greater Toronto REALTORS® reported 4,601 sales through the Multiple Listing Service® (MLS®) during the first two weeks of April. This represented a 25 per cent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.

“The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour.

"Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price." The average price for April mid-month transactions was $430,271 – up 12 per cent compared to the average of $383,361 recorded during the first 14 days of April 2009.

"The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”

Are you fit to sell?

They say "The first impression is the last impression", if you are thinking of selling your home, we in RE/MAX will help you to do the right move. click below to watch the helpful clips and contact me if you have any questions.

http://www.fittosell.ca/

Are you fit to buy?

Buying a home is one of the most exciting - and important - moments of your life. Your home is not just the roof over your head, it’s where you live, eat, sleep, entertain, and raise a family. It’s also one of the most important investments you’ll ever make. That’s why we in RE/MAX created the program FitToBuy. Make your home buying experience the best it can be. Choose wisely. Choose RE/MAX.
RE/MAX has created a program to assist you through the home buying process. Fit To Buy is a comprehensive guide to buying property. Please click below to watch the helpful clips and if you have any questions do not hesitate to contact me.
http://www.fittobuy.ca/

Proud to be a RE/MAX Agent!

Proud to be a RE/MAX Agent! RE/MAX topped competitors in the 2010 RISMedia Power Broker Report that ranks top real estate offices in the U.S. RE/MAX had 69 brokerages on the list, compared with Keller Williams (47), Coldwell Banker (36), Prudential (30) and Century 21 (23). And RE/MAX agents averaged 15.1 transactions, a third more than our closest competitor - which means we're doing more to help buyers and sellers!

Toronto Real Estate Report - April 2010

April 6, 2010 -- Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.

“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.”

The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2009.

“The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth.”

New Harmonized Sales Tax (HST) - effective July 2010

HST Transition Rules

The provincial government has announced that it intends to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).

• The HST is NOT YET IN EFFECT. The provincial government has indicated that it intends to bring the HST into effect beginning on July 1, 2010; however, note transition rules below.

• HST will not apply on the purchase price of re-sale homes.

• HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.

• HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.

Transitional Rules for New Housing

• Generally, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010.

• The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.

more details : The Canada Revenue Agency GST/HST enquiry line at 1-800-959-8287