“Annual growth in sales was experienced across the GTA for all major home types in the first half of May. Sales growth was strongest for the condominium apartment segment. While the condo market has generally been the best supplied market over the past year, we have continued to see enough demand to exert moderate upward pressure on average selling prices in this market segment,” said Toronto Real Estate Board President Richard Silver.

“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.

“Competition between buyers remained strong in many parts of the Greater Toronto Area during the first half of April, with many listings attracting a lot of attention. Strong competition meant that, on average, sellers priced within market value range received offers that matched their asking prices within three weeks,” said Toronto Real Estate Board President Richard Silver.

“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver. “The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

The average selling price in the GTA was $504,117 in March – up by 10.5 per cent in comparison to March 2011.

The survey, compiled for BMO by Leger Marketing and released Wednesday, found 43 per cent believe an interest hike would either hamper their ability to pay or leave them on unsure footing.

One-in-five Canadians surveyed said a 2 per cent rise would hurt their ability to make mortgage payments, while 23 per cent said they were unsure if a rise would affect them.

The report also found 57 per cent of respondents believe they could still afford their home if interest rates spiked two per cent.

Mr. Wright’s agent, Lynne Tham, listed his house on a Monday and accepted offers one week later. Six real estate agents came in and made an impassioned plea for their clients. Mr. Wright, a single father of three girls who deals with stressful sales situations in his professional life, was overwhelmed.

Most of the agents followed protocol and came alone. Except one, who had figured out that his client, a single mother of three, had some things in common with Mr. Wright.

“He actually brought the client in with him, which was so unusual,” says Ms. Tham. He hoped that his client might be able to persuade Mr. Wright to choose her offer.

“Home buyers continue to benefit from the affordable housing situation in the GTA. Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment,” said Toronto Real Estate Board (TREB) President Richard Silver.

As a result, residential real estate prices in the hardest-hit areas such as California, Arizona, Nevada and Florida are well below replacement value (i.e., the land is valued at zero), leading many analysts to conclude that prices must be near, if not already at, the bottom.

At the same time, the Canadian dollar remains very strong against the U.S. dollar. Any investment in U.S. assets is likely to provide a decent return over time based on foreign exchange gains alone.

Taken together, these facts seem to suggest that Canadians have a once-in-a-lifetime opportunity: To buy U.S. real estate in desirable locations at historically low prices using cheap U.S. dollars. Seems like a slam dunk, right? Maybe. But there are a number of factors to consider before pulling out your cheque book and booking a flight.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.

Toronto’s popularity is reflected for example, in the condominium market, which currently has more buildings under construction than in any other city in North America. Basement apartments also play an important role in meeting demand for housing throughout the Greater Toronto Area and if you have ever listed a property with one, you’re probably familiar with the “Seller does not warrant retrofit” clause. Second suites can cause confusion for homebuyers and REALTORS® alike, but this doesn’t have to be the case.