GTA resales continue to show their strength during the first quarter of 2010. The Toronto Real Estate Board (TREB) reports that a total of 22,418 units were sold during this time, making it the best record ever in TREB's current trading boundaries.

It should be noted that the growth of listings is starting to outstrip the growth in sales, suggesting that the market has more inventory and better selection for the buying public, according to TREB president Tom Lebour.

The mid-April 2010 report shows that 4601 sales occurred during the first 2 weeks of April, with a 25% increase over the 3681 sales recorded in the same time frame for 2009. New listings increased by 48% (over the same time last year) to that of 9512.

The average price in the first half of April 2010 rose to $430,271 (compared to $383,361 for the same period in 2009), an increase of 12%.

It is expected that sales increases will still occur, but to more moderate single digit increases. The new mortgage rules and rising interest rates are mostly responsible for this slower pace.

All in all, this is good for the market. Once again, we need some breathing room and want to avoid a real estate bubble at all costs. Most experts agree that we will not experience a bubble burst, but these impending controls (such as higher rates and new mortgage rules) will certainly temper any bubble-like tendencies.

It's a great time to buy a home, as interest rates are still at generation lows. The good news is that when you start your viewings, there will be more selection than ever.

Nick Vassov is an award-winning agent with Re/Max Aboutowne Realty Corp. Brokerage, and can be reached anytime for a FREE Market Evaluation by calling 905-842-7000 or 1-877-777-NICK (6425).