The good times continue to roll for the Toronto real estate market going through November. Home sales have continued to increase as more consumers regained their confidence in the real estate market.
Sales through the mid-point of November soared to 3,666 in number, which amounted to an amazing 84 percent increase over November of 2008. October had also seen big sales, amounting to an astonishing 8,476 in number. New home sales made up just about half of all those sales.
With the rise in home sales in November, so too did the cost of homes rise. In November, there was a 10 percent increase over the price of a home compared with November 2008. the average price mid-way through the month of November was $415,066.
Some industry analysts are warning that this could be the sign of a housing bubble, but other experts point out that the percentage of income being paid to mortgage payments has remained stable, which means there should not be a bubble.
One reason that housing prices are so high right now is because there are not enough homes on the market in Toronto. There are many buyers, but only a few sellers. This creates a damaging supply and demand. When there is more demand than supply, then there is high prices for what people want. In this case it is houses. Bidding wars have started on many houses, and this has caused housing prices to increase greatly. This is in sharp contrast to one year ago when there was more supply than demand, which caused the housing prices to fall dramatically throughout the later part of 2008 and well into 2009.
This is expected to change as the interest rates go up, meaning many potential buyers will opt out, and as more homes are built. By the beginning of 2010, there should be a balance and this will stabilize the housing prices to more natural levels.
The housing market in Toronto is one of the best in the country, only outmatched by Vancouver it seems. As time goes on and 2009 moves into 2010, the housing market will change and fluctuate. What does seem to be certain is that the recession is coming to an end and the surging housing market is a big part of that.
Thankfully, the housing crash of 2008-09 seems to have only been a small blip on the real estate radar screen.
Posted: 2009-11-26 08:57:55
Want to sell condo Toronto? If yes then you are at the right place. At Canada, especially in Toronto your search for a perfect real estate broker to find out best Toronto Condo for Sale can’t end at a better place. I Marco Momeni, assures you best value for your condo and unmatched customer service at most competitive cost. I can even help you make your condo more attractive so that we can finish the whole transaction and selling procedure in least possible time. Selling a condominium in Toronto is a very herculean task. And if you want to try to sell condo Toronto all by yourself then the whole process will be nightmarish. So let me handle your Toronto condo for sale, I guarantee you best value at most affordable price. I even have the experience to take care of all the legal procedures such as preparation of agreement papers and various other necessary things which are required at the time of condo selling. We are committed to strike the best deal for your Toronto condo for sale by finding out the most suitable person or family who can pay you correct amount. I can achieve this by utilizing mine as well as your network of family, friends, neighbors, office colleague etc. I even strive hard enough to popularize your Toronto condo for sale by using internet, print and visual medium, and various other advanced advertising and marketing techniques. As I have years of experience selling, buying and renting properties in Canada and especially in Toronto, We know in great detail about the important factors that makes difference in sealing a deal. Using all these knowledge, I give my clients many inputs and advices about staging their property which makes them more attractive and gets them better return on that.