Real Estate Deep Freeze now Hot Thaw
Remember last winter when Toronto`s housing market pulse could barely be detected?
The patient is not only recovering, but appears to be returning to robust health, according to five of the GTA`s top real estate brokers and marketing consultants.
There was plenty of optimism at a recent round table discussion the
Star held with these experts, who shared their views during a candid and wide-ranging discussion on the current state of the market.
The participants included moderator Barry Lyon, senior partner and president, N. Barry Lyon Consultants Ltd., and panellists Barbara Lawlor, president of Baker Real Estate Inc.; Debbie Cosic, partner in In2ition Realty; Michael Wilson, principal of International Home Marketing Group Ltd.; and Andy Brethour, president of PMA Brethour.
All agreed that December, January and February were "a deep freeze" for sales as Lawlor described it, but since then, sales have picked up. In fact, she pointed out, sales in May and early June have outdone May and June of 2008, according to Toronto Real Estate Board figures. And the average price for an MLS resale home was $407,716 according to TREB, up by 2 per cent compared to last year.
"Let`s put in it perspective," said Lyon. "Sales are down year over year by about 15 per cent and new homes sales down about 60 per cent for the same period – why are resales so hot and why are new sales lingering somewhat?"
Read the full article
here.