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Toronto Real Estate & Mortgage Trend and Market – What is the Current Outlook?
| Guest post by: Canada Mortgage |
Article Overview: As you look into the Toronto real estate trend and market, you will undoubtedly be doing so in an effort to derive the affordability of renting and buying a home in the area. If you have lived in Toronto long or have conducted a bit of research, you understand that the market took a big hit in 2008 and continued to see effects from it at the start of 2009.
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Toronto Real Estate & Mortgage Trend and Market – What is the Current Outlook?
As you look into the Toronto real estate trend and market, you will undoubtedly be doing so in an effort to derive the affordability of renting and buying a home in the area. If you have lived in Toronto long or have conducted a bit of research, you understand that the market took a big hit in 2008 and continued to see effects from it at the start of 2009. A report was released by the Canada Mortgage and Housing Corporation addressing the housing market situation during this period of time. The report states that the Canadian market is beginning to rebound from the shock it faced during the last year.
Comparing the current Toronto real estate trend and market with those of last year brings hopeful statistics concerning home sales figures. At the beginning of 2009, sales had already gone down 43 percent from 2008. However, the bounce-back was not steady as July 2009 held housing prices that were 17 percent higher than the average selling price in 2008. The current trend in the general now is growth. With regards to the current economy, there seems to be light at the end of the tunnel. The first quarter of 2009 held net losses at 273,000. By July of this year, it was all the way down to a comparatively low 13,000. Also there seems to now be a noticeable difference in the stimulus packages that the governments of the world have sent out.
Owning a home or affording rent is calculated by how many hours the average person must work to bring the average mortgage down to 30 percent of a gross monthly salary or pay for the average rent of a two-bedroom flat. The average number of hours in Canada to fulfill this is about 114. In the Toronto real estate trend and market, however, the number of hours is 146, making it the second-most expensive city to live in, just under that of Vancouver. It has recently decreased from 149 though, so perhaps the trend with continue.
The Toronto real estate trend and market is still cooling off from its hit in 2008, but the most recent housing options seem to be somewhat more affordable. This is good news for prospective homeowners and renters looking to move to Toronto. Interest rates are still relatively low, so now could be the time to buy before these rates increase yet again.
Toronto Real Estate Trend and Market – What is the Current Outlook?
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