As spring moves into summer, the North Toronto real estate market is bounding back from the lows of the previous year. Favourable interest rates and the pent-up demand of last fall and winter are bringing new Buyers to the market daily.

 The latest statistics from the Toronto Real Estate Board reflect this upbeat trend. Sales of resale homes in the Greater Toronto Area are higher than at this time last year. The average sale price of a Toronto property is near the level it achieved in 2008. The average time a property takes to sell has dropped from 35 days to just 31. High end properties (homes priced at $1 million or more) are now selling well.

 Throughout the fall and winter Sellers avoided putting their homes on the market. As a result, Buyers are now finding fewer properties to choose from. The number of available listings has dropped by over 20% from spring of last year. Properties in desirable areas such as North Toronto, Rosedale and Forest Hill are now experiencing bidding wars as multiple Buyers vie to purchase the same house.

 If you are thinking of selling, take a walk around your neighbourhood. Try to see it as a potential Buyer might. Where are the schools, and what are your neighbours saying about them? Are daycare and after-school programs offered? Are the parks well-kept and inviting? How well is your neighbourhood served by public transit? Have your neighbours renovated their property recently? What new shops and restaurants have opened in your area?

 After years of living in one neighbourhood it is easy to become used to its amenities. A walk through your community may produce pleasant surprises. Discussion with your real estate professional will help you to accurately assess the value of your home and make the decision whether or not to sell.

 A wise Seller will not wait for their house to join a flood of available properties, but will put their house on the market when the competition for Buyers is relatively low. The market that we are experiencing currently provides just such an opportunity.

 Best Wishes for Success,

 Peter

(416) 925-9191

www.PeterRussellRealEstate.com