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GTA resale home prices fall, analyst says
Prices of existing homes in the Toronto area are likely to come down a bit in 2010, a forecast says.
The average price of a home at the end of 2009 was $396,200, but housing analyst Will Dunning says he expects that to fall by about 1.6 per cent, to $389,000, by the end of this year.
The big reason is that job creation is still slow relative to the demand experienced in the market, the economist says.
"Housing demand is hugely ahead of the key economic fundamental of job creation. The recent surge of sales and prices is due to low interest rates and fears that rates will rise," says the report, released Thursday.
"This wave has to dissipate eventually and the next nine months will be disappointing compared to the past nine."
So far, the year started off with a bang for realtors, with sales in the first two weeks of January almost double the number from the same time in 2009. Last year was the second-best year on record in the Toronto market.
Read the full article here.
Prices of existing homes in the Toronto area are likely to come down a bit in 2010, a forecast says.
The average price of a home at the end of 2009 was $396,200, but housing analyst Will Dunning says he expects that to fall by about 1.6 per cent, to $389,000, by the end of this year.
The big reason is that job creation is still slow relative to the demand experienced in the market, the economist says.
"Housing demand is hugely ahead of the key economic fundamental of job creation. The recent surge of sales and prices is due to low interest rates and fears that rates will rise," says the report, released Thursday.
"This wave has to dissipate eventually and the next nine months will be disappointing compared to the past nine."
So far, the year started off with a bang for realtors, with sales in the first two weeks of January almost double the number from the same time in 2009. Last year was the second-best year on record in the Toronto market.
Read the full article here.