Ontario Home Prices To Trend Higher In 2010
The economists have predicted a better future. However, the last 12-18 months has definitely held some uncertainty in the housing market the prospect is looking much brighter for the Ontario home market. The sub prime market has been avoided by Canada and Ontario What we have seen over the past 18 months was panic versus demand and fair market values relative to the true economic situation in Ontario. The stability is giving them a large footage Here is my rational for Ontario home price appreciation for 2010. Ontario home prices are valued. Despite a healthy appreciation in home prices in Ontario between 2001-2009 we have avoided the huge run ups (and drops) in prices seen in Alberta and British Columbia. Ontario's housing supply appears to be inline or undersupplied versus the demand. The 40 billion dollar economic stimulus package Canada has added to its current 507 billion dollar national debt represents approximately 8.5% in new debt. While this is appaling news for most taxpayers, borrowing to this degree will definitely cause price inflation. This will directly and positively affect the value of real estate. The world economy appears to be steady or growing. Despite a US collapse, China's GDP growth rate for 2009 is estimated to be around 8.2% and is forecasted to be in the 8%-9% range for 2010 India grew at a rate of 7.9% over 2009 and expects 7% growth rate in 2010. The natural resources of Canada will take them a long way in financial stability. The unemployment rate in Ontario rose sharply as a result of the US economic collapse though has since started to slowly decline. The unemployment rate currently sits around 8.5%, it averaged around 6.2% during the 36 months of 2006-2008. Slowly improving consumer confidence and record low interest rates are bound to have a helpful impact on the spring 2010 housing market. The spring housing market may even be exaggerated by the fact that the Bank of Canada has signaled their intention to raise interest rates in June and the introduction of the HST on new home purchases in July. Where prices go afar the summer of 2010 will really depend on how much and how quickly the bank of Canada intends on raising rates.
Questions and Answers
The Toronto real estate market is among the most popular in Canada. Whether investing in a stylish downtown condo, luxury apartment or residential home, the Toronto real estate market has something for everyone. Learn about the Toronto real estate market and Toronto condo investment.
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