The sale of homes in Toronto continued to surge ahead as the real estate boom continues to take the city by storm. According to the Toronto Real Estate Board, home sales in the Greater Toronto Area doubled the sales that were recorded in November of 2008. Last year, 3,640 homes were sold, but this November roughly 7,446 homes were sold.
This shows a big contrast between the two years. In November of 2008, the world was going through its worst recession since the Great Depression and home prices were plummeting as homeowners couldn’t find anyone to buy their homes. People were scared about getting into a long-term commitment like a house, and they were shying away from it. This meant that with few buyers and lots of sellers, the housing market and the prices plummeted.
However, by April of 2009, home prices began to rise again. By the fall of 2009, home prices were surging ahead as more buyers came into the market, thereby outnumbering the sellers. This then created a buyer’s market and higher home prices.
According to the Toronto Real Estate Board, home sales in the Greater Toronto Area over the course of 2009 have been in line with the big years of 2004 to 2006. They also said that the main reason that the real estate market was surging was because the Canadian economy began a very swift recovery in the third quarter of 2009, a recovery that is expected to continue. As more industry sectors begin to recover and join the real estate sector is strength, the entire economy of the country should get on firm footing.
The price of homes has continued to rise thanks to the strong third and fourth quarters of 2009. Home prices in the Greater Toronto Area are 14 percent higher in November 2009 than they were the previous year, and home prices over the course of the year are four percent above that of 2008. The average home price in Toronto is currently $418,460, making Toronto one of the most expensive cities to live in outside of Vancouver, in Canada.
It is expected that the growth will continue into 2010, and that home prices will begin to stabilize as the building of new homes catches up, giving enough homes for buyers, and creating a balanced market. Suffice to say, the bad times are gone and the good times are coming again for the Toronto real estate market.
Posted: 2009-12-11 14:30:14
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