Fall 2005 Toronto Real Estate News from CMHC

The Canadian Mortgage and Housing Corporation have released their Fall 2005 Toronto Real Estate Newsletter. Their housing market outlook for Toronto is very bullish. Apartment and condo starts are at a record high of 17000 for 2005 with 18,500 projected for 2006. Over 43000 new homes were built in 2005 and another 41000 new homes are projected for construction in 2006. High prices are one of the reasons for the growth of the condo market in comparison to detached houses. Condominium sales are up 34%. Many of the new builds are in the suburbs. It's a great time to buy a house in Toronto. The average price for resold houses (not new) appreciated 6.3% last year and is projected to appreciate another 4% next year, while interest rates remain low at around 6% for a five year mortgage. Employment continues to rise 1.6% per year while migration (internal and immigrant) continues apace with about 70,000 new Torontonians coming to the city next year. The housing market in Toronto is set to continue to boom.

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