It may seem like a broken record to say this now, but the Toronto real estate market just keeps going and going. In the first part of 2009, things were bad and many thought the real estate market was in for some tough times going into 2010, but by June things began to rebound. After hitting a low in April/May, the Toronto real estate market continued to improve through June, July and August. By September, the real estate market was seeing record growth and had become so strong that the economy of Canada was being pushed up by Toronto and Vancouver, who had the strongest real estate markets in the country. Well, going into 2010, things continue to improve.
Sales for January in the Toronto area are up an excellent 87 percent from what they were in January 2009. In all, 4,986 homes were sold in January, which is well above the 2,670 homes sales that happened the year before. Of course, these figures are a bit biased considering that the market has been improving for months and January 2009 had the lowest recorded home sales for that month, ever. So, naturally any increase in the real estate market is going to look good because when you hit bottom, there is no where to go but up.
As with every single month since June, the price of a home in Toronto is also up. In January 2009, the average home price was $343,632, but this year the average home price shot up by 19 percent to $409,058.
Of course, even with the surging real estate market right now, most experts expect that by June, the housing market in Toronto and around the country will be slowing considerably. The reason for this is because the prime interest rate is expected to rise above its record low. Right now, the interest rate sits at .25 percent, and with the rise will come more expensive mortgages. This should work to slow the housing market but not stop it. What is worrying many experts is the possibility of many people buying homes right now who cannot afford the interest rate increase. If they begin to foreclosure, then we could find ourselves in a new housing bubble collapse, undoing all the good gains that have been seen in Toronto over the past eight months. Only time will tell.
Posted: 2010-02-11 09:13:43
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