3 April 2014
The average selling price was $557,684 – it’s almost 8% higher than in March 2013. As a result, the average price for the first quarter of 2014 rose by 8.5% on a year-over-year basis.
“Today’s low borrowing costs (which keep decreasing) can mean strong market demand will continue to rise, unlike modest supply. The strong price growth is expected to continue until the end of 2014. And if the pace growth is sustained, TREB may revise its average price outlook,” – noted Jason Mercer from TREB.
We would like to remind our reader that we are well prepared for the spring housing market! Our best 5 years fixed is less than 3% and it applies not only on principal residence but on rentals and second homes!