Torontonian Online Running in the fast lane! Real estate and more
A Canadian Real Estate review by Canadian Real Estate Association. Here are the notable stats
- 441,100 Sales expected to be traded in 2011 which is down 1.2% from 2010
- Sales trending upwards
- In 2012, sales are expected to rebound by 2.6% to 450,500 units which stands on par with 10 years average
- National average price is revised to 352,000 in 2011 and 356,000 in 2012
- British Colombia is playing a major role in the revision of prices pushing them upwards with high activity average price over million dollar
- Interest rates are expected to rise but only moderately
A worthy mention of job growth at the end of the video.
Here are my thoughts…
Since the major player in the price change is BC, the stats don’t mean much to Torontonians (nor it should since Real Estate is a more local than national vehicle) but it’s important to note that there’s quiet a spread between prices in Toronto vs Vancouver and BC prices are still rising. Could this be an indication of things to come? Do you think that $1000 a square foot for a condo will be the norm? It could be but I think we are still some years away from considering it the norm. If there’s a pattern of migration to Toronto, do you think the increase in demand would drive the prices further up?
OR
Do you think we need a correction?
Leave your comments and thoughts below…