The Bank of Canada announced for the 14th straight time that they will NOT increase the overnight lending rate and expectations are it will remain untouched for the remainder of 2012, at a minimum.
House prices showed a 6.5% increase from the same time last year and the number of transactions recorded was up over 11%! The majority of the action was recorded in the 905 area which many are saying is due to the double land transfer tax payable on Toronto homes only.
The number of new listings is increasing and as we edge up to 20,000 available homes we should....I say 'should'....see prices moderate. We still see homes being sold in competition and over asking which is contrary to the previous trends of more homes = slower pace.
I look forward to a more balanced market where we can expect buyers to be able to shop a bit more but with interest rates so low we may have to wait a while.