The surging housing market continues to make waves in Toronto, where the market has continually grown every single month since May, when the housing market reached its lowest point. Since that point, the Greater Toronto Area began to recover in terms of real estate with both home sales and home prices continuing to rise.
February is just another example of how each month continues to be better for the Toronto real estate market and why the country seems to be coming out of a recession. In fact, many economists feel that the entire country is coming out of the recession based on the fact that the real estate market is doing so well. If not for the surging real estate market, the entire country would still be in a recession like the economy of the United States.
In new figures released by the Toronto Real Estate Board, the month of February was very good, with sales of homes in the area surging ahead by a full 77 percent over February of 2009. In addition, the average home price rose by 19 percent. That may not seem like much but it is actually an increase of $70,000 to $431,000. This just shows how well the market is doing compared with 2009.
It is important to note that the housing market today versus last year is very different. For the first half of 2009, the housing market in the Toronto area was doing horrible and housing prices were very low. The housing market did not begin to rebound until May and even then it took time for the market to recover. Only now are housing prices reaching the levels they were at pre-2008 when the housing market was setting records. It is also very easy for the market to be higher than it was last year because the prices and sales were so low this time last year.
The real strength of the housing market will be seen in June of this year. In June 2009, the housing market was improving and begin to surge forward, and in June of this year, the interest rate is going to go up. This means that home prices and sales will probably level off or even fall slightly, and that will put the housing market more in line with what it was in 2009. This does not mean that the housing market will collapse, but it will level off and the double digit increases in home prices and sales will probably slow.
Posted: 2010-03-08 08:51:52
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