June 2016
 
Dear Friend,

Once again, the Toronto Real Estate Board has experienced a new record for home sales. May’s sale of 12,870 homes, marked a 10.6% increase over the same period last year. While sales were up, the number of new listings taken was down 6.4% thus exacerbating the shortage of homes for sale which has resulted in the price of homes increasing once again. The average price for a home on the Toronto Real Estate Board now stands at $712,375, and that’s set to continue as demand and competition show no signs of abating.
While detached and semi-detached homes become unaffordable, many first time buyers and investors have switched to purchasing townhouses and condominium apartments, and that segment has increased in value well above the rate of inflation. The average townhome price as of the end of May was $553,000 up 15.5% over the same period last year, while the average condo apartment was $413,925, up 5.9% over last year.
 
While the market is the strongest it has ever been, 20% of homes did not sell, and even within those that sold, there could be a large difference in the price one Seller received over another, despite the similarity of the properties. The truth of it is a house will sell itself, but the price one gets is influenced by the experience, skill and hard work of the agent involved. Some lawyers, doctors, accountants are more skilled and effective than others, and though they share the same name, it does not guarantee you will receive the same results from all of them.
Real estate agents and real estate companies are like that. There is a reason why I am with the #1 RE/MAX in Canada. More services, more support better results for my clients. If you or a friend are interested in buying, (yes, it’s still a good time), give me a call and put my experience to work for you.
 
Have a great June.
Mark