MARKET UPDATE MARCH 2015 February, 2015, will go down in history as the month in which the average price of a detached home in the City of Toronto (416 area code) surpassed $1,000,000. The average price of a detached home in the suburbs (905 area code) reached $694,285. Despite concerns of some people, economic indicators remain strong: Real GDP Growth for Q4 2014 was 2.4% The Toronto Employment Growth for January 2015 was 1% The Toronto Unemployment Rate for January 2015 was 1% The Bank of Canada overnight rate in February 2015 was 0.75% The Prime Rate ...
Market Update March 2015
March 30, 2015
MARKET UPDATE OCTOBER 2014
November 10, 2014
MARKET UPDATE OCTOBER 2014 GTA real estate prices continue to increase, primarily due to historically low interest rates. Over the last couple of weeks the stock market has been volatile among signs of weakness in the international economy. Therefore, it is unlikely that interest rates will increase within the next 6 months. Furthermore, if interest rates were to increase, they would probably begin their rise in the U.S. and the U.K. before they do so in Canada. The Bank of Canada prime rate has been at 1% for the past 4 years, the longest pause in Canadian history. If interest ...
MARKET UPDATE JUNE 2014
November 10, 2014
MARKET UPDATE JUNE 2014 Real estate prices have taken another jump. This is partly because the supply is low and buyers are still very eager to get in the market. There is a huge pent up demand of second time buyers that would like to make a move to a bigger home near an excellent school and amentias. Generation Y (Baby Boomer’s kids) is yearning to move up because. They have outgrown their condo or smaller home. They have kids or are planning to have them. Their wants now include large back yards, swimming pools ...
MARKET UPDATE NOVEMBER 2013
November 27, 2013
MARKET UPDATE NOVEMBER 2013 The autumn Real Estate market has taken many by surprise with the surge in sales and prices. At the beginning of the year, some were predicting that prices and sales volume would drop during 2013. The exact opposite has occurred. In 2013, Real Estate prices increased by 5% and sales volume increased by 4%, in comparison to 2012. We are not yet at the end of this bull market. I agree with Jason Mercer’s prediction that prices will increase again during 2014. Toronto home sales were up by 19.2% last month in ...