“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

For more information visit http://www.torontorealestateboard.com

Despite inclement weather, I was touched to see close to 100 people including sponsors, local politicians and sponsor families at the ceremony, which took place at the development site located at 4572 Kingston Road near Morningside Avenue.

Not only did REALTORS® financially help sponsor the home through the REALTORS Care Foundation, TREB REALTOR® Members took part in the project’s construction in November and December of last year. Thanks to their efforts, the Matin family are now the proud owners of one of the 29 town home units built as part of the development.

I was so very proud to see what team work did to help bring the Matin family’s dream of homeownership to fruition, and I shared this with Habitat for Humanity Toronto Chief Executive Officer Neil Hetherington, who was also on hand at the dedication ceremony to thank the development’s sponsors and congratulate the sponsor families.

In exchange, the families contribute 500 volunteer hours to Habitat for Humanity Toronto and repay a zero-down payment, interest free mortgage over an average of 25 years.

Habitat for Humanity Toronto has constructed more than 225 affordable homes with partner families throughout the city, and has set a goal to build 50 new homes each year by 2015.

While the home marked TREB’s fourth Habitat for Humanity title sponsorship, Greater Toronto REALTORS® have since sponsored a fifth Habitat for Humanity home located in the Danforth Avenue and Victoria Park Avenue area.

I share with you a quote by Eleanor Roosevelt that captures the true meaning behind these build projects.

“Since you get more joy out of giving joy to others, you should put a good deal of thought into the happiness that you are able to give.”

I encourage everyone to ask if there is anything you can do to bring others joy and happiness, and then go out and do it! Even if you can only help affect the life of one, it will be worth it!

For more information visit http://www.Torontorealestateboard.com

Now the Toronto Transit Commission tells Torontonians that they are either going to build Subways or LRT and they have set an aggressive schedule over the next few years. Please excuse me if I don’t give that or any other TTC/City of Toronto project a lot of credibility. I remember the years that it took to build the St. Clair street car line only to have it torn apart a couple of times during construction because the City and Toronto Hydro had not coordinated it properly. Then there was the Bloor and Yonge Street madness…

Whether Subway or LRT does anyone really think that this work can be accomplished in time and on budget by the TTC?