GREAT REAL ESATE OPPORTUNITY IS KNOCKING !!
If you have put off buying a home, now is a great time to rethink your decision.
Inventory is up sales are down which means that there no more bidding wars.
This gives the buyer a wider selection of homes.
In the City of Toronto, October sales activities were down 38 per cent from the transactions recorded last October.
In the area of Woodbridge, Maple in Vaughan the market has not seen the same decline. Infact, we have only seen a decrease in pricing over the past month of less than 1% (September 2008 Average home price was $469,098 compared to October 2008 of $466,584). The number of sales increased over this time by more than 7% but the number of homes on the market has increased by 11%. What this means is that it is still a strong time to sell. The one area of concern is that your home will be on the market longer. Even with the homes on the market longer we are still seeing the investment earn 97% of listing price. This percentage was the norm for all of last year.
"Earlier this year the International Monetary Fund undertook a study of housing markets in 17 countries and found that Canada was one of only two nations in which house prices are supported by the economy," said Ms. O'Neill. President of the Toronton Real Estate Board"There's no doubt that real estate will continue to be a solid long-term investment in our country."
In addition, Mortgage rates are historically still low. The Sutton Group Mortgage program offers a 5 year fixed rate mortgage of 4.75% which provides huge savings.
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725. A FULL rebate of the Toronto land transfer tax is also available for ALL buyers who entered into Agreements of Purchase and Sale prior to December 31, 2007.
For more information, about buying and selling a home contact Juliet Williams at Sutton Group Admiral Inc. At 416 739 7200 or email:juwilliams@trebnet.com
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