48% Increase in new listings in Greater Toronto Area may help in cooling off the real estate market
With 4601 home sales reported by the Greater Toronto REALTORS® through the Multiple Listing Service® (MLS®) during the first two weeks of April, the resale real estate market in Mississauga, Brampton and Greater Toronto area records a 25 per cent increase compared to the 3,681 sales of resale homes recorded during the same period in 2009. New listings increased annually to 9512, a 48 per cent increase, which may help in cooling off the super charged red hot real esate market in Greater Toronto Area.
Another factor which might help is the change in Mortgage Rules coming in to effect from Monday, April 19, 2010. The fixed mortgage rates have gone up in the last 2 weeks but variable rates still appear to be stabalized for now.
For complete report from Toronto Real Estate Board, please visit my website blog at www.AceTeamRealty.com/blog
Manoj Arora, Broker of Record