TORONTO, June 3, 2011 – Greater Toronto REALTORS® reported 10,046 sales in May 2011 – up six
per cent compared to May 2010. This result was the second best on record for May under the current
Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per
cent compared to last year.
“Positive economic news and low borrowing costs led to strong sales through the first five months of the
year, including the increase in May,” said Toronto Real Estate Board President Bill Johnston. “At the
same time, the market has become much tighter compared to last year, due to a substantial dip in new
Homes were on the market for an average of 23 days and sold for an average price of $485,520– up nine
per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for
single-detached homes sold in the City of Toronto.
“We have seen clear-cut seller’s market conditions emerge over the past two to three months,” explained
Jason Mercer, TREB’s Senior Manager of Market Analysis. “The robust price appreciation that we have
seen will hopefully prompt more households to list, resulting in a more balanced market later this year,”
Canada’s big banks have cut their residential mortgage rates, likely for the last time in the foreseeable future, economists say.
The bank cut rates by one-tenth of a percentage point on mortgages terms ranging from one to 10 years.
That puts the rate for a five-year closed mortgage at 5.49 per cent at each of Canada’s major banks.
The Bank of Montreal, Royal Bank of Canada, TD Canada Trust, and Scotiabank announced reductions last week.
Canadian Imperial Bank of Commerce followed suit on Monday.
Long-term interest rates are falling because of concerns about the health of the global economy, coupled with the likelihood that the Bank of Canada will hold off on raising its key overnight rate until well into the second half of this year.
“As a result, bond yields have come down, and that’s helped bring down mortgage rates,” Doug Porter, deputy chief economist at BMO Capital Markets, said in an interview.
Are more rate cuts on the horizon?
“I think we’re getting down to about as low as we can get on some long-term interest rates. Eventually the Bank of Canada will start to nudge up interest rates,” Porter said, adding that rates are likely to remain low in the coming months.
Welcome to Westown - Toronto's hottest new place to live! This wonderful urban location offers a dynamic new "416 village" of singles, semis, townhomes and condo townhome suites in an established community. Mature parks, golf courses, schools, places of worship and retail amenties are all conveniently at hand.
Address: 2277 Sheppard Ave W (North York)
Builder Name: H & R Developments Price: $175,990(townhouses) - 459,900 (semis)
Occupancy: March, 2011
The fourth in the Absolute master planned community, this 50-storey landmark tower is not just the tallest in the neighbourhood, but also a breakthrough in conventional tower design. The result of a worldwide architecture and design competition, the tower is a fantastic example of outside the box thinking.
Toilets account for roughly thirty percent of indoor water use in homes. In the past, toilet tanks had capacities of up to twenty liters. In the nineties, these large tanks were replaced in many cases by newly available thirteen liter or water saver toilets. Today, with engineering advances, the six liter toilet has proven itself to work better than many of its thirteen liter counterparts.
Let’s see an example of how much water the installation of a six liter toilet can save you. A typical toilet can expect to be flushed ten times a day. An eighteen liter toilet would consume 180 liters while a six liter toilet only 60, that’s a savings of 120 liters.
Another cost saving innovation comes in the form of dual-flush toilets. These toilets let people decide if they would like to flush using three liters for liquid waste or six liters for solid waste. Dual flush toilets are mandatory for new construction in Australia and have been estimated to have saved our friends down under as much water as the cities of Adelaide and Perth consume annually.
New Search Feature
New search feature is now available on my website, you can now browse the MLS system straight from my website. It is simple and easy! Click HERE to try it today!
~ Luminato - Toronto's Festival of Arts and Creativity ~ When: June 10 - 19 Location: All around Toronto Visit Official Site
~ Toronto Sketch Comedy Fest: Sketch Com-Ageddon 2011 ~ When: June 14-18 Location: Comedy Bar (945 Bloor St. W.) Visit Official Site
~ Toronto International Dragon Boats Race Festival ~
Head out to Toronto Centre Island for a free weekend of dragon boat races and multicultural performances.
When: June 25 - 26 Location: Toronto Centre Island Visit Official Site
Market Watch May 2011: Jason Mercer
Benefits of Signing a Buyer Representation Agreement (B.R.A.)