In the middle of a recession, Toronto real estate has gone from a buyer's market to what looks like a seller's market again. In June 2009 Greater Toronto Realtors reported a record 10,955 sales, up 27% from June 2008, with an average price of $403,972 - up by 2%.
Pent up demand from the winter's slow sales activity, coupled with really low interest rates has seemingly brought everyone back into the market. This has led to the return of frenzied buyers and multiple offers which equals higher prices.
"The re-emergence of seller's market conditions has exerted upward pressure on home prices," explained Jason Mercer, Toronto Real Estate Board's Senior Manager of Market Analysis. "Look for sales to remain high relative to listings in the second half of the year. This will keep prices growing."
Paul Magnus and Timothy J Burke - Sales Representatives
Coldwell Banker Terrequity Realty, Brokerage
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