Photo by Karin Lawton
Mayfair 2011 will be on Saturday, May 14th, at Rosedale Park. We’ll have a great collection of rides for the entire family from World’s Finest Shows, and the ride-all-day bracelets are available for $30.
Advance sale locations are Summerhill Market, 446 Summerhill Avenue, and Mooredale House, 146 Crescent Road. From now till May 11th, you’ll be able to purchase vouchers which get redeemed at the fair for the ride bracelets. These bracelets will provide all-day admission to the mechanical rides at Mayfair.
This year, you’ll also be able to pick up and use your Ride-all-Day bracelets from 5:00 pm to 9:00 pm on Friday, May 13, at the “Mayfair’s Eve Preview.” That’s four bonus hours of rides, all for the one price!
To avoid disappointment, plan to get your vouchers early. Remember, the last day to purchase vouchers is Wednesday, May 11th!
Price surge in early April
Toronto home resale prices showed a strong increase in the first half of April 2011. The average sale price of $483,165 was 12% higher than in the comparable period of 2010.
Our chart shows that the increases in 2011 are even more aggressive than those in early 2009. That was a year of post-recession recovery, and sale prices then rose faster than in any other year in the past two decades. In a typical year, average prices increase from January to June in a more gradual pattern, shown by the dotted line in the chart above.
Jason Mercer, TREB’s Senior Manager of Market Analysis, offered an explanation for the current price increases: “The number of homes listed for sale so far in 2011 has been below expectations. Market conditions have tightened, resulting in increased competition between home buyers and accelerating rates of average price growth,” he said. “The strong rate of price growth reported for the first two weeks of April should entice more households to list their homes for sale. This would result in more balanced market conditions and more moderate rates of price growth,” Mercer continued.
Mortgage rates still attractive
Recent changes to mortgage qualification rules have affected only a small percentage of borrowers. The Bank of Canada will reconsider its position on rates in July. At that time, the Bank will have to weigh its concerns about core inflation against the continuing high value of the Canadian dollar and its effect on Canadian exports.
Recent home sales in Toronto show steadily higher prices. The average sale price in March 2011 set a new record high level at $456,147. The number of sales was 11% less than in March 2010.
The continued prevalence of multiple offers across Toronto indicates a strong demand, especially among first time buyers. Mortgage rates are still low. Recent speculation about just when rates will increase will encourage more buyers to make a move. Early sales results in April 2011 show even higher prices, despite an increase in the number of homes available for sale.
The seasonal pattern suggests that April, May and June will be the busiest quarter of the year, with the greatest number of homes changing hands. Last year, prices peaked early, in mid-May. This year, a more typical outcome is likely, in which prices continue steady through the end of the school year in June.
What does this mean for buyers? Be realistic about what’s on your wish list. In fact, write everything down, and prioritize. If you want everything on your list, you will have to outbid the largest number of other buyers. If you focus on the criteria that really matter to you, you’ll be creating long-term value for yourself.
Some inspired happiness here, with some of our favourite spots across Toronto as backgrounds. How many can you name?
Congrats to Willa Bradshaw, Naseem Hrab, and Connie Tsang, and their exuberant crew of friends! Also, thanks to Torontoist.com for always looking on the bright side of life.
Mooredale House has a contest going, and you don’t have to say much to enter… In fact, you’re limited to 140 characters! This is a Twitter contest, and the rules are simple. Tweet your memory of previous Mayfairs, and include these two things in your message: @rmpaMooredale and #mayfairinspace. The first is Mooredale’s Twitter account (they want you to become a Twitter follower!) and the second is the hashtag for this year’s Mayfair in Rosedale Park.
If you haven’t signed up with Twitter yet, this is your chance to get started. Just click here and sign up… it’s free!
The contest winner gets a free Ride-all-Day bracelet for this year’s Mayfair in Rosedale Park. Mayfair is on Saturday, May 14th, and there’s a bonus this year: The carnival rides will be running for four extra hours on the evening before Mayfair. On Friday, May 13th, we’re having a Mayfair’s Eve Preview from 5:00 p.m. to 9:00 p.m., and you’ll be able to ride the rides, have dinner in the park, and listen to jazz in the beer garden. And yes, for 2011 at least, one ride-all-day bracelet will let the kids ride on both days. Sweet deal!
The full Mayfair program starts as usual on the Saturday morning, with the two neighbourhood parades entering the park at 9:00 a.m. There’ll be games, prizes, bingo, home baking, the Mayfair Marketplace, special space-themed bouncies, and some special attractions. Follow Mooredale’s tweets, or visit the Mayfair web site.
I hope I’ll see see you at Mayfair…
Chair, Mayfair 2011
“Mayfair in Space!”