Toronto Real Estate Updates!
In July 2009, record high sales of 9967 were stated by the Greater Toronto realtors. This time the Board reported that the real estate sector was one of the leading sectors that contributed to the GDP levels and other economic growth indicators positively in the Greater Toronto Area. The analyst from the Board commented that even though the start of the year proved to be a declining phase for the real estate industry, yet by the end of it the sales would not be less than last year's and chances were that 2009's sales would exceed 2008's.
In September 2009, Greater Toronto realtorsanalyzed that the sales up to 8,196 till then for the month, were 28% higher than September 2008's sales. The standard price of September 2008 was 10% lower than that of September 2009, which amounted to $406,877!The median price, on the other hand was $347,000 in September 2009, which was more than the $322,000 recorded during September 2008!
The Toronto Real Estate Board's President, Tom Lebour said that they had experienced an increasing growth in existing homes prices in the Greater Toronto Area as sales hadcontinuouslyoutperformed those of 2008! He further continued and expressed that consumerconfidence in ownership of dwelling as a reliable and long-term investment was increasing.The first nine months of 2009 presented sales of 66,437 which were more than by 4.5% as compared to the same time period's sales in 2008. The average price of the first nine months was valued at around $388,417 which showed an increase by 1.5%than previous year's January to September time period. Toronto Real Estate Board's Specialist Market Analyst hoped that the home sales would be very stronger by the end of 2009 than they were in 2008. Toronto Real Estate Board declares 2009 the best year after 2007!
2010 experienced a little decrease in the sales for the houses as compared to 2009. Although, the average selling price of 2008 was 9% higher from 2009. But still, it was declared the third best year for the real estate industry!
Now coming over to the latest updates, we peep into the month of January 2011. In this year, the total number of transactions for the month was 4,337. However, this result is lower by 13% from that of January 2010. But the realtors are still very positive that the market got a very strong footing. Toronto offers a large diversity of housing types with varying prices which boosts the confidence of home buyers. However the mean price for houses is forecasted to rise quite gradually this year. The median price in this month last year was $350,000 and this month it has increased by $10,000!
On one hand where you see a slightly declining trend in the market, at the same time, on the other hand, foreign investors have an increased interest in the market which can be a source of boosting sales or investment for the industry by the end of 2011!
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