Across the country, Canadian homeowners have been reaping the benefits of increased housing prices. According to the Canadian Real Estate Association (CREA), the average home price in Canada has risen 6.5 per cent to $352,600. Meanwhile, the average home price in Toronto is now $465,369, up 8.9 per cent from September 2010.
Experts believe that Toronto prices will soon top Vancouver’s price growth. Prices in Vancouver have increased 10.6 per cent year-over-year. Toronto, in the mean time, has seen a steady 9 per cent year-over-year pace since April.
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October 19, 2011 – 2:29 pm
By Eddie
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Also posted in Blog, Real Estate News
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Tagged 6.5 per cent, 8.9 per cent, average home, Canada, Canadian Real Estate Association, CREA, Housing Prices, Market Update, October, October 2011, price, price increase, real estate market, Toronto, Toronto Real Estate
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Canada continues to defy the less certain economic outlook that European countries and our neighbours to the south continue continue to experience.
Toronto’s real estate market continues to flourish, with a reported 7,542 sales through the TorontoMLS system in August – a 24 per cent increase over 6,083 sales in August 2010. New listings, at 12,509, were up by 20 per cent compared to August 2010.
With mortgage rates staying relatively low, first-time homebuyers are capitalizing on the opportunity to get into the market.
Although the U.S. market in 2009 was experiencing a crisis with property values dropping at an alarming rate, Canada experienced an active market. Fearing our nation would mirror the US market, ‘experts’ and the media began reporting that Canada’s real estate market was in a “bubble” and that a crash was imminent.
The market, however, defied these predictions and continued to gain momentum. By year-end and early 2010, we saw a strong recovery period. More buyers than inventory in the market led to multiple offers.
Meanwhile, in an
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