The economy of Canada is beginning to grow and while it is growing less than what experts thought it would, it is growing nonetheless and we can all thank the real estate market for that.
Thanks to places like Toronto and Vancouver, which are seeing record sales in real estate, the entire real estate market has helped to improve the economy of the country by .2 percent. That is an astounding feat for the real estate market to do, considering several other sectors in the country are still seeing negative growth.
Overall, there has been a 7.2 percent improvement in the value of the services offered by real estate agents. More sales of homes meant that there were more utilities being paid as well, and that meant utility companies saw a growth of 2.4 percent.
Experts had thought that the country’s economy would grow by about .3 percent because of a gain in September of .4 percent, but everyone is still happy that the country is growing. With this growth, it appears that the country is getting out of its first recession since 1992. For the last quarter of 2008, and the first two quarters of 2009, the economy continued to shrink. Then something amazing happened. Suddenly people were buying homes again, exceeding home sales of the year by 100 to 200 percent. Home sale numbers reached what they were a few years ago, at the height of the real estate boom, and that helped the entire economy begin to push out of the recession. The last two quarters of 2009 have seen great growth because of the places like Toronto and its great real estate market.
Home sales in Toronto were at record levels in November, and December is also expected to be a great month. This is on top of home sales from June to October, which all say double or even triple-digit percentage growth. More homes are being built now, and more buyers and sellers are coming into the surging market. This is good news for everyone. With so many sectors connected with the real estate sector, it is only a matter of time before the rest of the Canadian economy begins to rise up.
The surge of home sales in Toronto is expected to continue until about June of 2010. At this point, the number of buyers and sellers should even out thanks to the new interest rates coming in, which will rise quite a bit above the record low levels currently in place now.
Posted: 2009-12-31 08:02:55
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