Toronto is one of Canada's booming property regions with most of the property experts believing that either Calgary or Toronto are likely to be the fastest growing property hot spots in the country.
During the last 25 years the Toronto property market has had both peaks and troughs. One of the greatest peaks in 1989 caused a cooling off between the peak to 1996 when the property market then regained its strength and continued to grow upwards to its current position. In 2005, the average house price was a full 23 percent higher than in 1989.
When considering the property market in Toronto, it is worth remembering that it encompasses Oakville, Mississauga, Brampton, York and Durham, as well as Toronto itself. New property sales are particularly buoyant in Toronto, with 40 percent of the sales in 2005 being of new build property. The average sale price of these properties, last year, was $330,000.
House prices are quite high in Toronto, but this is primarily due to the types of properties available. The vast majority of the properties are townhouses and semi-detached homes, but developers are now moving towards smaller houses and condos, which is likely to bring the average house price down.
Fortunately, the property market is set to remain reasonably healthy as the employment market continues to grow and incomes see a strong rise, fuelling the property market still further.
Toronto is one of the fastest growing regions of Ontario. This is partly fuelled by the low mortgage rates and strong growth in the job market.
President of the Real Estate Board, Mr Abraham, stated: 'The Bank of Canada's recent decision to hold steady on interest rates bodes well for the 2005 real estate market. The historically low rates we are enjoying have been a key contributor to the market's strength.'
Toronto is actually quite a mature housing market and, as such, it is less likely that this city will witness the same boom as less developed areas. This does not mean that there is no more profit to be made in the market; on the contrary, there is a solid resale and rental market which will ensure that prices continue to rise.
As well as the private housing market, there is also a rise in the public housing market, causing yet more demand for central properties. With everything that Toronto has to offer, it is not surprising that the economy and housing market will continue to go from strength to strength for the foreseeable future.
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