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Even in the midst of the recession, roughly 20% of single-detached homes and condominiums in the Greater Toronto Area neighborhoods posted an increase in average prices. It was also found that 17% of the 65 Toronto Real Estate Board districts posted an increase in value of single-detached homes within the first six months of 2009, even though it was one of the worst first quarters on record. Homes throughout the Greater Toronto Area are worth more than they have been in decades, even as experts caution another collapse might be on the horizon.
In September 2009, the average resale home price hit a record high of $406,877 as existing home sales rose up by 28% over last September. The Toronto Real Estate Board forecasts the upward trend will hold in the coming months. The year-to-date average price for a home in the Toronto area to be at above $388,000 has also set a record.
New housing pricing in Toronto increased by 0.2% from July 2009 to August 2009. Although these reflections of increase may be encouraging, new home prices are still down by 0.1% year over year according to figures. When compared to the national average, Toronto’s prices beat them all. Toronto’s index rose by 0.1% in comparison.
New listings in the Toronto areas have been edging down from their record levels though. Many sellers seem to be taking their home off the market hoping for an improvement in housing market conditions. The average price increases in the second half of 2009 are expected to result in a easygoing rebound in listings in 2010.
Interest rates are expected to rise within the next year, so buyers are keen to lock in to a lower rate now while they still can. In some cases, buyers are getting interest rates almost two percentage points lower than they would have two years ago in the Toronto area.
Average prices are expected to stabilize over the rest of 2009 and into 2010. However, weak results in the first quarter of 2009 will cause a lower annual average price this year compared to 2010. The national average price is forecast to be up 2.1% on a year-over-year basis in 2010.
So if you’re looking to buy a home in the Toronto area, the time to buy is now as the special offers and deals you may receive now may not be available to you in the future.
