Real Estate Is Booming Again

Real estate boom continues in Canada’s largest cities

Homes in the Greater Toronto Area continued their robust rise in price, up 5.2 per cent to an average price of $523,036 in December, compared to $497,130 in 2012, the Toronto Real Estate Board reports. After a slow start to 2013, GTA housing sales … More

And this will go on because …

Stable U.S. home sales hint at housing recovery

November sees uptick in pending home sales after 5 months of decline

The number of Americans who signed contracts to buy existing homes in November was essentially unchanged from October, suggesting sales are stabilizing after several months of declines.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index ticked up to 101.7 from 101.5 in October. The October figure was revised lower from an initial reading of 102.1.

Higher mortgage rates and strong price gains over the past two years have slowed sales. The pending home sales index had fallen for five straight months before November. And completed sales of existing homes fell for three straight months, the realtors association said earlier this month.

There is generally a one- to two-month lag between a signed contract and a completed sale.Mortgage rates rise on Fed tapering announcement

The average interest rate on a 30-year mortgage edged higher to 4.48 per cent last week, from 4.47 per cent the previous week. Rates jumped about 1.25 percentage points from May through September, peaking at 4.6 per cent. That increase occurred after Federal Reserve Chairman Ben Bernanke indicated that the Fed would start to slow its bond-buying program before the end of the year.

Earlier this month, the Fed announced it will reduce its $85 billion US in monthly bond purchases by $10 billion a month starting in January. The bond purchases are intended to push down longer-term interest rates and encourage more borrowing and spending.

Robert Kavcic, an economist at BMO Capital Markets, said that recent housing market indicators have been mixed. Applications for mortgages to purchase homes fell to a nearly two-year low last week, he said.

Still, “we continue to believe that the U.S. housing market will absorb the upward move in mortgage rates and push higher in 2014, helped by still-attractive affordability, better job growth and improved confidence in the recovery,” Kavcic said.

Despite the recent declines, home re-sales should reach 5.1 million in 2013, the best total in seven years, the realtors association forecast. That’s 10 per cent higher than 2012’s total of almost 4.7 million. But it’s still below the 5.5 million that is consistent with a healthy housing market.

The association forecast that sales will remain largely flat in 2014 and then rise to 5.3 million in 2015. Steady job gains should make it easier for more people to buy homes. And mortgage rates remain low by historical standards.

Signed contracts rose in the South and West last month while falling in the Northeast and Midwest.

Listings for Mon Jan 6

Open Map

E2805360 – M4L – 277 HIGHFIELD RD Toronto, Ontario – $ 449,900

Gorgeous Home In A Fantastic Leslie Ville Neighborhood. Quiet Tree Lined Street Extensive Renovation Done From Top To Bottom. Including Newly Finished …

E2805360 GoogleMap

E2805380 – M1K – 105A LAUREL AVE Toronto, Ontario – $ 449,200

Bright Detached Home Located In A Quiet Neighborhood. Raised Bungalow With 3 Br 2 Wr. Finished Basement With Separate Entrance. Thousands Spent On …

E2805380 GoogleMap

E2805433 – M1L – 43 DELWOOD DR Toronto, Ontario – $ 499,900

Gorgeous Bungalow With Brand New Hardwood Floors, Gas Burning Fireplace, Huge Master Bedroom, Eat-In Kitchen, Plus Sun Room Addition Off The Back. …

E2805433 GoogleMap

E2805447 – M4E – 2320 GERRARD ST E Toronto, Ontario – $ 524,990

Brand New Stacked Townhome In Prime Upper Beach Neighbourhood. Great Location – Transit Score 94 & Walk Score 80. 10 Minute Walk To Go Stn And Subway Stn. …

E2805447 GoogleMap

W2793366 – M8Z – 56 MARKET GARDEN MEWS Toronto, Ontario – $ 552,000

Price Change. Jan 5: $ 520,000 Jan 6: $ 552,000 Nov 30: $ 559,900
Bright, Spotless, Four Bedroom Home, Oak Hardwood Floors, About 6 Years New, Steps To Shopping And Public Transportation, Garage With Parking & Direct …

W2793366 GoogleMap

W2805364 – M9M – 11 MCCARTNEY ST Toronto, Ontario – $ 539,000

Wow! Hurry! Beautiful Spacious Home In Desired Neighourhood, 9Ft Ceilings, Hardwood Floors Thru-Out, Large Kitchen, Sep Family Room, Walk-Out Bsmt + …

W2805364 GoogleMap

W2805387 – M9C – 14 LACHINE CRT Toronto, Ontario – $ 599,000

3 Bedroom Brick Bungalow On A Premium Pie Shaped Lot On A Quiet Court. Well Landscaped, Fruit …

W2805387 GoogleMap

W2805468 – M6N – 1881 DAVENPORT RD Toronto, Ontario – $ 459,900

Welcome To 1881 Davenport. This Open Concept Home Features A Large Kitchen With More Cabinet Space Than Your Average Home, Counters Are Granit With …

W2805468 GoogleMap

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