Markets & Mortgage

In April 2009, Greater Toronto REALTORS® reported 8,107 sales – down seven per cent from April 2008.

While April sales remained lower than last year, the housing market gained momentum on a month-over-month basis.

The seasonally adjusted annual rate of sales in April, at 80,900, was up 26 per cent from March and up two-thirds compared to January’s ten-year low.

“Conditions in the resale housing market have improved markedly this Spring,” according to TREB President Maureen O’Neill.

“Home purchases have increased as households have taken advantage of low interest rates and
slightly lower home prices.”

The average price for April transactions was $385,641 – down three per cent from last year.

“The rate of average price decline continued to diminish last month. This is due in large part to a tightening in the resale market,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “The level of sales relative to
new listings increased in April.”

For the full April Toronto Real Estate Market Watch click here.

From the Desk of Peter Majthenyi - My Mortgage Planner...

Building wealth using a re-advanceable mortgage

Re-advanceable mortgages with home equity lines of credit continue to gain in popularity.

What makes this mortgage such a great fit for many Canadians is that those of us in our homebuying years are always juggling to find a balance between paying off our homes and investing for the future.

Using a re-advanceable mortgage that includes a line of credit (LOC), we can actually do both.

Click here to read more.