Toronto real estate sales spike in June
Tony Wong – Toronto Star
Sales of existing homes are up dramatically in the Greater Toronto Area. So are building activity and development permits.
Over the past week, consumers have faced a barrage of reports that suggest the market is turning a corner. The jury is still out on whether this is a sustained rebound but the recession’s silver lining of low interest rates has done wonders for the housing market. Not just in the GTA, but elsewhere.
Comment: Suggest? Come on, the market has turned a corner. Even the Bank of Canada announced on Friday that the recession is officially over. So, recession over, real estate booming, retails sales up, consumer confidence up – have we not turned the corner already?
Two other cities had a similar – if not more spectacular – lift in June, ReMax Ontario Atlantic Canada reported yesterday.
Toronto’s stellar 10,955 units sold, up 27% from a year earlier and not far from its historic high of 11,146 in May 2007, was outdone percentage-wise by sales that rose 75% in Greater Vancouver and 28% in Calgary.
“Low interest rates and increased affordability have served to stimulate market activity,” ReMax said.
ReMax’s research is a preview of the Canadian Real Estate Association national figures. Those numbers, expected today, are a snapshot of the state of the whole market.
Vancouver was top performer in June, with its second-best month on record at 4,259 sales, the high being 4,333 sales in June of 2005.
In Calgary, sales of 3,047 homes last month jumped 28% from the same time last year.
“With increasing competition among first-time buyers the supply of starter homes is tightening in Calgary,” the realtor said.
Other than Newfoundland and Labrador, with sales up 0.8% to 354, bottoming the list, the rest of nine markets polled stayed flat.
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