The Greater Toronto Area has completed another spectacular month of real estate. June’s results show that their are no signs of a real estate slowdown on the horizon. There was a 21% increase in the number of homes old in June, compared to June 2010. Home prices also jumped by 9.5%. For the first 6 months of 2011, the average home price has increased by 8% (an increase of $34,000). The average price for a place to live in the Greater Toronto Area was $476,371 in June.
It appears that the recent change in mortgage rules has had no affect on the real estate market. Buyers are still borrowing a record amount of money at record low interest rates. Sellers are still receiving bidding wars and high prices for their homes. Over the past 10 years, the average price in Toronto has increased from $251,508 to $467,169. This is an increase of $215,661 or 85% (an average of 8.5% per year.)
Although the real estate market shows no sign of slowing down, if this same increase is projected over the next 10 years, the average price would be $863,000 in 2021. Some people point out that changing demographics, and higher interest rates will make it difficult for the real estate market to continue growing at the same pace it has for the past 10 years. But does that mean that you should not buy a home?
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Real estate news in Canada including buy and sell information, local market updates, guides, tips for Canadians in the real estate market.