TORONTO REAL ESTATE MARKET UPDATE. CANADIAN REAL ESTATE IS STILL STRONG

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The Canadian housing market is still hot and is expected to remain so through the rest of this year and into next, a major real estate firm said Wednesday, July 05.Nationally, the average price of a home in the second quarter of this year was 14.2 per cent higher than a year earlier, and up more than 50 per cent higher in Calgary and more than 30 per cent in Edmonton, according to Royal LePage, which is forecasting a 9.2 per cent increase in prices nationally this year.

Both sales and prices continued to rise across the country in the April-June quarter, it said.

“The pace of growth varied greatly by region, with activity levels and price increases in the western provinces far outpacing that in the rest of the country,” it said. “Compared to the same period last year, Ontario, Quebec and Atlantic Canada maintained similar high sales volumes, with moderate price increases, while extraordinary demand and limited inventory drove double-digit price increases in the West.”

But as hot as the housing market is, another major real estate firm -- CENTURY 21 -- said the pace of activity will ease during the lazy-hazy days of summer, allowing buyers more time to look before they leap into the market and sellers time to spruce up homes that failed to sell in the spring rush.

“This summer’s housing market is offering buyers real-estate opportunities that were not available during the record-breaking spring market,” said CENTURY 21 president Don Lawby. “Earlier in the year, buyers in many parts of the country had to act instantly or lose the deal. In some cases, sellers have reduced their asking prices after failing to sell in the spring because they tried to make a killing during the market frenzy.”

However, both real-estate firms are forecasting the market for housing will remain healthy, reflecting the economy and job market.

Nationally, the average house price will rise to $272,200 by the end of 2006, while sales will edge up 0.4 per cent to 485,000, Royal LePage predicted.

For more news, full information about Toronto housing market and Toronto listings go here - http://www.torontogreathomes.com

National Post
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TORONTO REAL ESTATE MARKET UPDATE. CANADIAN REAL ESTATE IS STILL STRONG
TORONTO REAL ESTATE MARKET UPDATE. CANADIAN REAL ESTATE IS STILL STRONG
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