With the first quarter of 2011 completed, market activity continues to heat up. The average selling price for March 2011 sitting at $456, 147, is up 5% compared to March 2010.
Through the MLS system, a total of 9,262 transactions were reported in March 2011. This sets the second best record ever in the month of March, sitting at 11% lower than March 2010, with the strongest gains for condominiums and semi-detached homes.
Home owners are taking advantage of low interest rates and making upgrades, while receiving top equity for their home. And first-time home buyers are jumping at the chance of home ownership while affordable interest rates are still available.
According to experts, the increase in market activity is due to improving economic conditions and will remain stable over the next couple years.
Is the Canadian economic action plan working? Is our economy more stable than our neighbour's to the south? Or perhaps the pride of home ownership in Canada continues to be a driving factor in one of the strongest real estate markets in the world?
Many factors are at play, but one thing's for sure - It is a great time to sell and receive top dollar for your home and a great time to buy with low interest rates still available.
Take advantage of these market conditions while they last as we watch the rest of 2011 unfold.
Sam Kolahi Azar
Your Community Expert