The first time buyer is back! Mortgage lenders are seeing a surge of pre-approvals partly due to a pent up demand in the last few months due to the holidays and buyers waiting on the sideline to get a feel of the direction of local real estate.
Here are the latest real estate market stats for January 2013:
- Home sales were down by 1.3 per cent over last year's figures but prices were up 4.3 percent across the GTA
- Average price of a GTA home in January was $482,648 compared to $462,655 a year ago
- Average price of a home in the city is $765,049 compared to $563.675in the 905 regions
- Average price of a resale condo in the 905 region is $269.073 compared to $340,295 in the 416 area
- Townhouses saw the biggest decline in sales, down 11.2 per cent but prices were still up by 2 per cent in the Toronto area while the 905 areas saw a 1 per cent increase.
Note that the decline in sales is mainly due to lack of inventory and not due to a decrease in demand.
With interest rates at its lowest - there's no better time to buy than now!