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Greater Toronto Area REALTORS® reported 4,476 transactions through the TorontoMLS system during the first 14 days of May. This result represented a decline of 9.7 per cent compared to the same period in 2012. Sales declines were larger for the City of Toronto, at 11.4 per cent, versus the surrounding regions where sales were down by 8.6 per cent year-over-year.
“Despite fewer sales this year compared to last, competition between buyers in most segments of the market remained strong enough to promote annual rates of price growth above the rate of inflation. A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home,” said Toronto Real Estate Board President Ann Hannah.
Q We just purchased a new condo eight months ago and I hear our condo fees may increase significantly once the developer’s budget ends this year. Why would we need any significant increase when everything is so new and doesn’t need significant repairs or anything? I can understand a small increase but not a significant one. Your comments please!
Top six factors to consider when deciding whether to move from sprawl to small
Many buyers looking for a lifestyle change wonder what it would be like to live in a condo. The move they are considering could be lateral financially and/or space-wise or it could be related to the need for a space change. For others, it will simply be a change from renting to ownership.
But how do you decide if condo ownership is right for you? If you’re in doubt, I suggest a classic categorizing of pros and cons. Here are some.
Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.
“Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah.
Apartments and condos:
For the cottage: