Home Sales in the GTA shifting back into Growth

Housing Industry Experts are cautiously optimistic following increased sales activity in August.

Real Estate Professional Magazine reports that for the first time in four months there was an increase in national home sales. Positive news for the recovering GTA and Greater Golden Horseshoe region which saw a four month trend of decline following the announcement of the Ontario Fair Housing Plan.

Even more positive news from the Royal Bank of Canada; according to Robert Hogue, RBC senior economist who says Toronto’s housing marking bottomed out in July and August and is on the road to recovery.

Seasonally-adjusted statistics released by the Canadian Real Estate Association (CREA) showed that Ontario home resales increased by 4.4% in August. Comparatively, between April and July, resales had dropped by 32%. The GTA showed the strongest increase with resales increasing by 14% between July and August. Market changes in the past four months have been widely attributed to an over-correction or “reaction” to the Ontario Fair Housing Plan.

To understand what all this means for you, contact us at 905 727 1941

Click on the links below for sources and more information.

http://www.repmag.ca/market-update/home-sales-edge-back-into-growth-as-the-gta-rebounds-231069.aspx

http://www.repmag.ca/news/experts-forecast-the-storm-has-passed-230622.aspx

http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/housespecial-index.pdf