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Dear Friends,
Greetings! I'm sending you this electronic newsletter with hopes to keep you updated with current real estate market and mortgage rates.
If you're thinking of making a move, or are just curious as to real estate trends in your area, please feel free to call me anytime at my Cell. 416-917-6787, or email me at fran@franlee.com. It's always good to hear from you and please bear in mind that I am never too busy to serve you or any of your referrals!
<Not intended to solicit listings already under contract> |
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Real Estate Market Update |
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Greater Toronto Resale Housing Sales Up in First Half of May
May 19, 2009 -- Greater Toronto REALTORSŪ reported 4,561 transactions in the first half of May - an increase of three per cent compared to May 2008.
"Members reported a rise in buying activity this month," said Toronto Real Estate Board President Maureen O'Neill. "Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the Greater Toronto Area housing market's affordability."
The average price for Multiple Listing Services sales was in line with last year, down by less than one-half of one per cent at $399,811.
"More sales and fewer listings resulted in tighter market conditions which pushed the average
selling price back up to last year's level," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "Look for new listings to increase as home owners react to the positive news surrounding home sales and prices."
- Toronto Real Estate Board
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| Real Estate News |
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REALTORŪ Efforts Bring Changes to Home Energy Audit Proposal
April 28, 2009 -- The Minister of Energy and Infrastructure has indicated that the government's proposal, through Bill 150, to make home energy audits mandatory in housing transactions, will be amended to allow home buyers to opt out. This is a significant change, which comes after strong efforts from Ontario Real Estate Association, Toronto Real Estate Board and all Members. Bill 150 has not yet been passed and is not in effect.
Background
Under the provincial government's original proposal, home sellers would be required to provide information, through standardized energy audits, about the home's energy efficiency to a buyer before they could sell the property to them. The Minister has now indicated that this proposal will be amended to allow buyers to opt out of this requirement.
REALTORŪ Efforts
REALTORSŪ have been instrumental in voicing concerns on this issue to the provincial government. In recent weeks, OREA has coordinated a Call For Action from REALTORSŪ and the public, which has resulted in thousands of emails, pointing out concerns, to the Minister and MPPs. TREB has coordinated this Call For Action with TREB Members, who have played a very significant role.
- Toronto Real Esate Board |
| Mortgage Rates |
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| May 21, 2009
Term Posted Best
1 Year 3.90% 2.80%
3 Year 4.15% 3.05%
5 Year 5.25% 3.54%
7 Year 6.60% 4.95%
10 Year 6.70% 5.05%
Variable Rate 2.85%
Prime Rate = 2.25%
*Rates are subject to change without
notice
(Mortgage rates provided by Mortgage Alliance)
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