oronto is one of Canada’s of these properties, last year,
booming property regions was $330,000.
with most of the property
experts believing that either House prices are quite high in
Calgary or Toronto are likely to Toronto, but this is primarily
be the fastest growing property due to the types of properties
hot spots in the country. available. The vast majority of
the properties are townhouses and
During the last 25 years the semi-detached homes, but
Toronto property market has had developers are now moving towards
both peaks and troughs. One of smaller houses and condos, which
the greatest peaks in 1989 caused is likely to bring the average
a cooling off between the peak to house price down.
1996 when the property market
then regained its strength and Fortunately, the property market
continued to grow upwards to its is set to remain reasonably
current position. In 2005, the healthy as the employment market
average house price was a full 23 continues to grow and incomes see
percent higher than in 1989. a strong rise, fuelling the
property market still further.
When considering the property
market in Toronto, it is worth Toronto is one of the fastest
remembering that it encompasses growing regions of Ontario. This
Oakville, Mississauga, Brampton, is partly fuelled by the low
York and Durham, as well as mortgage rates and strong growth
Toronto itself. New property in the job market.
sales are particularly buoyant in
Toronto, with 40 percent of the President of the Real Estate
sales in 2005 being of new build Board, Mr Abraham, stated: ‘The
property. The average sale price Bank of Canada’s recent decision
to hold steady on interest rates which will ensure that prices
bodes well for the 2005 real continue to rise.
estate market. The historically
low rates we are enjoying have As well as the private housing
been a key contributor to the market, there is also a rise in
market’s strength.’ the public housing market,
causing yet more demand for
Toronto is actually quite a central properties. With
mature housing market and, as everything that Toronto has to
such, it is less likely that this offer, it is not surprising that
city will witness the same boom the economy and housing market
as less developed areas. This will continue to go from strength
does not mean that there is no to strength for the foreseeable
more profit to be made in the future.
market; on the contrary, there is
a solid resale and rental market
About the Author:
Providing essential information on buying property abroad, Tem Pearson is dedicated to offering all the necessary information for people looking to buy property in different countries. Visit www.buying-property-abroad.info for all the best info.
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