Real Estate Toronto, Toronto Lofts, Toronto Condos, Yorkville Real Estate

From the Desk of Janice Varasteh

Torontonians are concerned about the current housing market conditions based on the Fall 2008 and Winter 2009 dip in the GTA resale market. What will happen? That's like asking what the stock value of IBM will be next week - nobody really knows exactly but I can tell you this. Real estate is a much better investment than the stock market. It's a tangible investment that grows over time. It's also cyclical in nature. The circumstances surrounding the market decline in 1992 were much different. And even though this is considered a global problem, Canada has the strongest economy in the G7.

From what I have seen transpire over the past five months, the markets are back on track and continue to grow. Our market is supported by historically low interest rates, strong employment and immigration. The government is currently making steps to provide stability to the economy. For investors, the rental market is very strong. In addition, the GTA has not experienced artificially inflated house prices like other major cities in North America. We are still considered one of the best values for a major cosmopolitan city. So just relax, be smart and have patience. There are many great opportunities to buy. The timing could not be better.

GTA REALTORS® REPORTING OCTOBER MID-MONTH HOUSING STATISTICS

October 19, 2009

In the first two weeks of October, Greater Toronto REALTORS® reported 3,631 sales – up 34 per cent compared to the first two weeks of October 2008. The average price for these transactions was up 17 per cent year-overyear to $414,479. "While demand for existing homes has remained strong, it is important to recognize the context of current statistics. We are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price," said TREB President Tom Lebour.

Year-to-date sales, at 69,964 are up six per cent compared to 2008. Average price, at $389,687, is up by two per cent. "Tight market conditions throughout the GTA will continue to exert upward pressure on home prices in the fourth quarter," explained Jason Mercer, TREB's Senior Manager of Market Analysis. “Expect more listings in 2010 as home owners react to the price gains experienced in the second half of 2009.”

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