Gregory Klump, the Canadian Real Estate Association’s chief economist, said that some modest declines in prices will happen before year end–particularly in the HST affected markets of B.C. and Ontario. He claims, however, double-digit price increases in real estate for sale Toronto and Vancouver will remain far more common than price declines.
Total revenues will increase impressively although sales volume will drop. The national average price of a home rose 4.9% in June, bringing the average to approximately $343,000(cad). In news of interest for those who buy apartments Toronto, June’s increase was hardly half of the surge in May, but it kept Canada’s median home price in line with lenders’ 35% debt ratio, because the nation’s median income has risen to $63,025.
Meanwhile, Toronto Real Estate Board President Bill Johnston said that the prospect of interest rate hikes and new mortgage lending rules prompted investors to buy home Toronto sooner than they otherwise would have this year. However, sales on the year were eight per cent higher than in 2009 and the average price for August transactions was $411,012 – up six per cent compared to the average of $387,921 reported in August 2009.
Polish
English
Russian
German