These are usually calm times on the Toronto real estate front but record breaking warm weather this year has kick started activity out there. Listings for the first two months of the year are up 11 percent, yes 11 percent, while sales is up 12% across the Greater Toronto Area. Demand still outstrips supply however, leading to many multiple offer situations with homes going thousands of dollars over asking.
Low interest rates have obviously affected the market as well. Last week Bank of Montreal, Canada’s 4th largest bank, shook up the mortgage industry lowering their five-year rate to 2.99 per cent and their ten year rate to 3.99 per cent. Borrowing basically is at the cheapest levels ever.
We are well on our way to a record breaking year.