Real Estate Bits

March Sales Moderate

April 3, 2008 - Low inventory levels kept sales brisk but well off record levels, TREB President Maureen O'Neill announced today. "With 6631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22% from the 8518 sales of March 2007. Since inventory, at 20,533 listings, fell 6% between these two time periods, a portion of this result can be attributed to a lack of suitable product. And this lack of product was at least partially caused by the severe winter weather that kept both Buyers and Sellers on the fence during the first half of the month."

Sales were not evenly distributed across the Greater Toronto Area. In the City of Toronto (416 area code), they decreased 27% to 2527 from last March. However, the 905 suburbs saw only an 18% decline to 4104 sales. Overall, average prices rose four% in the GTA to $380,338 over March of 2007. Within the City of Toronto proper, however, the average, at $404,361, increased only 2% cent over the $394,199 recorded during the same period last year. Furthermore, City of Toronto districts bordering the 905 averaged $347,882, up less than 1% from the same period last year.

A Breakdown Of The Market Is As Follows:
TREB's - 28 West Districts had:	2545 sales	With an average of - $360,524
TREB's - 14 Central Districts had:	1114 sales	With an average of - $481,115
TREB's - 23 North Districts had:	1390 sales	With an average of - $424,742
TREB's - 21 East Districts had:	1582 sales	With an average of - $302,235

Average Days On Market in March was 30

Year-Over-Year Sales and Price Comparison

Year-2007	# of Sales	Average Price

January	5173	$353,724
February	6772	$368,687
March	8518	$365,285
April	9452	$379,025
May	11,146	$382,787
June	10,451	$381,963
July	8912	$366,012
August	8059	$361,890
September	6866	$380,132
October	7915	$394,646
November	7313	$393,747
December	4646	$394,931

Total	93,193	$376,236

Year-2008	# of Sales	Average Price

January	5075	$374,449
February	6015	$382,084
March	6631	$380,338

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Mortgages

Rates As Of March 14, 2008

Nino will guarantee these rates for 120 days for any "confirmed" client of Rosemary Wright if you bring this newsletter with you!

These "Preferred Rates" are available for new mortgages for any of my clients who bank with Nino Pasquariello, Senior Bank Manager of Scotiabank & Trust. Nino's office is located at 2200 Yonge Street (at Eglinton) in Toronto.

(Bus): 416-932-3885 #7000 (Fax): 416-932-3167

E-Mail: nino.pasquariello@scotiabank.com

Scotiabank Web-Site: www.scotiabank.com

Find The Best Way To Use "Your" Money

6 Month Open	8.80%
6 Month Convert	5.95%
1 Year Open	9.25%
1 Year Closed	5.10% - Effective until April 30, 2008
2 Year Closed	6.20%
3 Year Closed	6.05%
3 Year Ultimate Rate	Prime minus .50% - Cap Rate is 7.20%
4 Year Closed	5.80%
5 Year Closed	5.80%
5 Year Flex Value	Prime minus .50%
7 Year Closed	6.00%

Please Note: We are unable to guarantee the rate on the Prime Based Variable Rate products. Rates will be based on Prime at the time of the mortgage closing. We are able to guarantee the Cap Rate on the 3 Year Ultimate Rate Mortgage for 120 days from the date of your application. Please call Scotiabank for more details on our 5 Year “Flex Value” products.

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