After better than expected Toronto real estate sales in in the Greater Toronto Area, the Canada Mortgage and Housing Corporation is revising their sales forecast.
“Interest rates have been much lower than expected, so that has given the market a boost for longer than we thought,” said the Canada Mortgage and Housing Corporation’s senior market analyst.
The Canada Mortgage and Housing Corporation also said that, “A rising number of wealthy immigrants, a large share of high income earners, downsizing empty nesters and homeowners with substantial amounts of equity” are helping to boost home sales in Toronto.
Average prices across Canada are expected to drop in areas across Canada, except for Toronto, but including the rest of Ontario. Prices in Toronto are expected to increase by 4.3 per cent – instead of a decline of 0.4 per cent – to $451,000. Sales will also only fall by 2.5 per cent as opposed to the initial prediction of 3.6 per cent.
“Consumer buying patterns, particularly in more expensive Ontario markets will increasingly shift to less expensive housing over the next few years,” said the Canada Mortgage and Housing Corporation’s Ontario regional economist. “After sharp increases early this year, Ontario home prices will grow closer to inflation as markets move to a more balanced state.”
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