TORONTO, June 3, 2009 – In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,301.

“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”

The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.

“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”

While we may share a media, the sour news from the talking heads on TV is endless, but the market seems to defy their "sage advice".

Interest rates are at an all time low and buyers are still buying. Some say its foolishness, but the mortgage portfolio losses in Canada are at 1% Far from the walk away numbers of the United States.

Buyers and Sellers are deciding with their feet at the sales centers and ultimately with their cheque books.

David Pylyp
http://sellingintoronto.ca