“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver.

“The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

Beautiful 3 bedroom bungalow in the heart of Richmond Hill. Steps to all amenities & transit. Second kitchen on lower level would make fabulous nanny suite/inlaw. Built & cared for in the most meticulous fashion, move right in. Stunning gardens on large grounds, offering peace & privacy. Solid brick - plaster construction & crown mouldings.

Call/text/email for more details.

The supply of bungalows is clearly not going to catch up with the demand in the short term. My urban economics studies are now slightly out of date, but I can say with confidence that bungalows are going to remain the best investment and provide the largest return on investment in the years to come. Many buyers are actually turning to bungalows/ rental properties as a form of pension. 

Buy a bungalow!  Those who listend to me when I started real estate back in 2004 have made substantial amounts of money!  So learn from the past and let Team Carcone help you build your real estate portfolio today. The longer you wait, the more you'll end up spending. Team Carcone can assist you find and buy a bungalow. 

Everyday we monitor inventory. We have also prospected sellers and have properties that we intend to sell in the near future. 

If you would like real estate information sent, emailed or text'd to let us know and we will get you on top of today's market.  Email or call us now we are ready to help you. jcarcone@gmail.com or my direct cell is 905-717-8504 (it's always on)

Please come with any questions you may have. In the meantime you can take a virtual tour of this Aurora Highlands House for sale.

As always please do not hesitate to give me a call at 905-727-1941 if I can answer any questions before the open house, or if you would like to book a private showing.

Joel & Jules Carcone
Re/Max York Group Realty Inc., Brokerage

Custom Built 5 Bedroom Home. All Bedrooms Access A Washroom. Large Principle Rooms, Potlights Throughout, Hardwood And Ceramics, Sunken Living Room. Mainfloor Office And Laundry. Bright, Open Spacious Home. Wide Lot With Huge Backyard, Just Install The Pool! Fantastic Neighbourhood, Walking Trails, Transportation. Do Not Miss This Home!

Stunning Ready To Move In 1700 Sq Ft Open Concept, Hardwood Flrs, Walk Out Patio, Finished Bsmt. Three Generously Size Bedrooms, Master Ensuite & Seperate Soaker Tub And Large Walk-In Closet. Top Rated Schools, Transportation And Shopping Close By.

“After a dip in economic output in the second quarter of 2011, the Canadian economy rebounded in the third quarter. This rebound was in line with the consensus outlook for steady economic growth through 2012. In keeping with this outlook, it would seem that a number of industrial firms made the decision to take on additional space in the fourth quarter,” said TREB Commercial Division Chair Larry Purchase.

In the fourth quarter, 209 commercial properties were sold through the TorontoMLS® system. This result was 13.6 per cent lower compared to the same period in 2010. Industrial property types accounted for 47 per cent of total sales. The average selling price for industrial transactions completed on a per square foot net basis and for which pricing was disclosed was $70.25 – almost a five per cent increase compared to fourth quarter of 2010. Other commercial property types sold for an average $149.68 – up 50 per cent in comparison to the last three months of 2010. It is important to note that the nature of commercial property transactions can vary substantially from year to year. This means that while market forces play a role in the rate of price growth, large swings in the average selling price are often indicative of changes in the types of properties sold in a given reporting period.

“The economic outlook for Canada remains positive, but it is important to note that the risks to this outlook are substantial. How the story will unfold in Europe and south of the border is far from certain. As a result, business confidence arguably remains fragile. This suggests that while we could be headed for a strong year in the commercial market, we should also be prepared for some volatility in the number of transactions and prices along the way,” Purchase added.

“Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.

The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.

“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.

To read full report click here: January 2012

“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”

The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.

"Despite strong price growth this year, the housing market remains affordable in the GTA," said Jason Mercer, TREB’s Senior Manager of Market Analysis. "The correct method of assessing affordability is to consider the share of the average household’s
income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace."

Click here to read the full report.