The spring market kicked off early and strong this year, possibly boosted by the unseasonably warm weather and absence of snow in March. Inventory is still lower than at this time in 2009, but has begun to increase slightly in recent months.

“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said Toronto Real Estate Board President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.”

Most major banks raised their fixed mortgage rates in late March and the Bank of Canada has warned that interest rates will rise again after

Both sales and the value of sales have exceeded our expectations this year. We anticipated sales levels would be the same as last year, however, properties sold so far have already exceeded last year’s sales with only a month to go. The dramatic increase in sales can be explained by last year’s sales being affected by the crisis in the financial markets.

“The market remains rock steady,” said Charlie Ponde, President of the REALTORS® Association of Edmonton. “Prices vary from month to month within a small range and with a slow gradual upward trend. Buyers have confidence in this market and REALTORS® are prepared to match their needs with the perfect housing option.”

"Very strong annual growth rates for sales and average prices should be expected

Once again we saw record-setting sales numbers for the month of October. This brings the year-to-date sales close to, or even higher than, the same period last year. Strong sales growth has occurred across many property classes from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars. Listing inventory remained at a low level, and combined with brisk sales, indicates that we are still in a strong sellers’ market.

“After a short dip in the winter, the average home price has rebounded because sales have been high relative to listings,” according to Jason Mercer, TREB’s (Toronto Real Estate Board) Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as homeowners react to the

Last month we introduced some of the commonly used real estate terms and explained how these terms can make up a language of their own. This month we complete this series by introducing the commonly used Mortgage terms.

Amortization
This is a schedule that outlines your loan payments for the duration of the home buying loan. It details how much of each monthly payment goes toward the principal and how much goes toward the loan interest. Initially, the bulk of your payments will be applied toward the interest.

Appraised Value
An estimate of a property’s market value, used by lenders in determining the amount of the mortgage. Usually made by a qualified professional called an “appraiser”.

Assessment
The value of a property, set by the local

With summer coming to a close, it is a good time to reflect on the local resale market. August numbers continued the positive trend set in July with sales and average prices up, year over year. 2009 has thus far continued to surprise market watchers.

“We are seeing an upward revision of our housing market forecasts at the national level,” says Bonnie Wegerich, President of the Calgary Real Estate Board. “I think it is fair to say the recovery in the market has been a little brisker than first expected—and all signs indicate the rebound, all be it gradual, will have some longevity.”

The increase in demand for existing homes has been widespread across different housing types and price ranges. This suggests many categories of home buyers have chosen

National resale housing market activity returned to pre-recession levels in May 2009. The rebound in activity is being led by an increase in transactions in some of the most expensive markets in the country, which is skewing the national average price upward.

According to statistics released by the Canadian Real Estate Association (CREA), actual home sales via the Multiple Listing Service® (MLS®) of Canadian real estate boards totalled 49,521 units in May 2009. This is less than 1% below activity in the same month one year ago. Year-over-year declines have been shrinking since the beginning of the year.

“This is the third consecutive record setting month this year and the fourth month where sales exceeded the previous year’s sales,” said Ottawa Board