Toronto continues to wow real estate investors and buyers though the unbelievable pace of the city’s ability to bring in buyers and sell homes. Just one year ago, the city was seeing record low sales and home prices but how things change in only 12 months. These days, Toronto joins Vancouver as the hottest real estate market in the country, and quite possibly, North America as well.
In fact, if you look at when the local market hit bottom in 2009 and compare it with other cities, Toronto has the hottest real estate market in the entire country. Based on real estate statistics set between the low in the city and the November 2009 home price values, it is clear to see the rapidly rising market in Toronto. This can be seen below when compared with other Canadian cities and the Canadian average.
Bottom Month Value Increase by Nov.
- Canadian Average: May 2009 9.6 %
- Vancouver: June 2009 11 %
- Calgary: June 2009 5.5 %
- Ottawa: April 2009 8.7 %
- Montreal: February 2009 5.0 %
- Halifax: February 2009 6.5 %
- Toronto: April 2009 13.6 %
Toronto hit its bottom in April 2009, and while this is two months after Montreal and Halifax, it has seen over double the increase in home values by November 2009. While Montreal took 10 months to go up five percent, Toronto was able to accomplish the same feat within only four months. Toronto’s home value increase outpaces that of every single city above, as well as being four percent better than the Canadian average.
The only other double-digit value increase was in Vancouver, but Vancouver did not hit its bottom until June 2009.
Nor did the market slow down after November. In Toronto, the market continued to rise through December and January and it is expected to continue to rise until June 2010 when the prime interest rate is set to increase. At this point, the number of homes will fall and that will even out the market so that there is an equal number of sellers and buyers, which lowers the prices.
Toronto is leading the way for Canada and the real estate market of the city is one reason why the Canadian economy is coming out of recession. While people elsewhere in Canada may have their thoughts about Toronto, there is no denying that this great city is helping everyone across Canada in this troubled economy.
Posted: 2010-02-06 14:27:20
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