Price Rise in March!
April 4, 2007 -- Prices increased moderately in March, with the average up three per cent over 2006 to $365,285. "Prices are rising above the rate of inflation (currently about two per cent), but not so rapidly that first-time buyers will be pushed out of the market," said TREB President Dorothy Mason.
During last month TREB Members reported 8,518 sales of single-family dwellings across the GTA. "While down modestly (two per cent) over last year's total of 8,707, any result over 8,000 must be considered a strong performance," noted the President, "We expect a similarly robust showing from the remainder of the spring market."
Breaking down the total, 3,233 sales were reported in TREB's 28 West districts and averaged $343,475; 1,521 sales were reported in the 14 Central districts and averaged $471,804; 1,706 sales were reported in the 23 North districts and averaged $400,392; and 2,058 sales were reported in TREB's 21 East districts and averaged $291 ,721.
The Beaches and Riverdale
During the first three months of 2007, TREB Members recorded 215 sales in The Beaches area (E-2) for an average price of $461,311, up one per cent over the 2006 three-month total of $454,495. Detached homes sold for $565,060, and semis averaged $419,234. Riverdale (E-1) saw 216 sales during the same time-frame; detached homes averaged $436,091, up 12 per cent from the 2006 figure of $390,388.
According to the Appraisal Institute of Canada's interactive Web-based guide to the value of home improvement called RENOVA, the average payback range for some of the most common household renovations is as follows:
- kitchen (75 - 100%)
- bathroom (75 - 100%)
- interior painting (50 - 100%)
- exterior painting (50 - 100%)
- window or door replacement (50 - 75%)
- finished basement (50 - 75%)
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