It seems the market headings have remained the same over the last few months, June being no exception.

Sales transactions are up, the average price is up, and as usual, more listings would result in steadier price in-creases rather than the dramatic ones we have experienced thus far. GTA REALTORS® reported 10,230 sales transactions in June 2011, up 21-percent compared to June 2010. The average price was $476,371, a 9.5-percent increase compared to the $435,034 average in June 2010, while the median rose by 10-percent from $367,750 in June 2010 to $405,000 in June 2011.

What does this mean for buyers? On occasion, I have heard buyers say that they will wait and build a larger down payment before they purchase their first home. In this escalating market, waiting to get into a first home is a serious mistake. With an average appreciation of 9.5% in only one year, consumers are hard pressed to find a better investment than their first home. Simply put, waiting to get into the market only makes the first step more difficult.

What does this market mean for sellers? I continue to see multiple offers and homes selling for more than their asking price. This is especially true in the more popular areas in Vaughan. I beleive that this is an excellent time to sell, as home owners can now actualize the appreciation on their home.

As we sizzle with record breaking temperatures in July, keep in mind that the real estate market is also sizzling!