(Source: The Globe and Mail)
In Leaside, a house recently sold for $136,000 over the asking price. Offer nights have started to attract multiple bidders again. And now, for the first time since Greater Toronto’s housing market ground to a virtual halt last fall, the region recorded more home sales in a two-week period this year than in the same period last year.
It’s a short snapshot, but in the first two weeks of May, 4,561 homes sold in the GTA, up 3 per cent from 4,422 in 2008. However, the average sales price for GTA homes was down slightly from the same period last year, as was the average price in the 905.
The picture looked rosier in the city of Toronto, where sales were up 7.5 per cent and the average price of homes increased a touch – half a per cent – to $439,459, up from $437,205 last year.
For people like David Schulze and Kristen Tippin, it spells a looming end to a fabled buyer’s market that never quite materialized.
The couple had hoped to be living in their own house by the time they exchange their marriage vows on June 13.
Read the full article by Tenille Bonoguore “Volatile housing market percolates again” in the Globe and Mail (May 23, 2009).