APRIL MARKET REPORT

Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.

“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver.

“The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011.

“The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis

TREB

TALK TO YOUR NEIGHBOURS

BEFORE YOU LIST YOUR HOME FOR SALE

Getting ready to put your home on the market? Make sure you have a chat with your neighbours.

Often I find people are quite concerned about their neighbours knowing their business and fail to warn them that there is about to be a "For Sale" sign appearing on the lawn. While you may not care about your neighbour's surprise, they can definately have a negative impact on prospective buyers or the amount that will be offered for your home.

How? Well, here are some things neighbours have said to me when I've come to look at a home that's listed for sale:

"OMG, they are desperate to sell the house. They're getting divorced and fighting every day."

"Yeah, they bought a home already and they have to get the house sold or they'll end up with two mortgages."

or my favourite:

"I think after they were robbed, they just wanted to get out of here."

Now, when I'm working for my buyer I'm delighted to hear this information. It can result in my not showing the home at all, or making an offer for less money than I would have suggested if I did not possess this kind of inside information. So... talk to those neighbours. Tell them you're really hoping that your new neighbours are as terrific as them - even if it's not true ... and then ask them not to talk to any buyers or realtors that come by to view the house!

Realtors are usually pretty friendly people and your neighbours likely don't mean you any harm but, other than raving about your neighbourhood, it's really best that they are asked to divulge nothing.