When you ask any Canadian real estate agent about the year 2009, the answer will be probably "I have never experienced anything similar." Truly, 2009 was an extraordinary year for both realtors and their clients.
If you were following our Toronto real estate news section, you can probably remember how the market was completely frozen in the winter getting some life in the spring and finally turning into boosting numbers at the end of year. But the overall numbers were a bit lost in these turbulences, so we bring you result summaries for the whole 2009.
GTA realtors reported 87,308 sales; 17% percents more than in 2008. Similar numbers were reported in the years 2004-2006, only the record year of 2007 boasted with higher sales (93,193 homes sold). Even people who didn't participate were profiting because of the healthy real estate market. As Tom Lebour, president of TREB, said: "The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”
Average price reached $395,460, four percent up when compared to 2008. This price jump can be credited mainly to the end of 2009, when item inflow onto MLS couldn't keep the pace with the boosting demand. However, Jason Mercer, TREB’s Senior Manager of Market Analysis notes: "A greater supply of listings in 2010 will see home prices grow at a sustainable pace."
In the 2010, GTA housing market will most probably sail in calmer waters, especially considering supply response and expected interest rate growth.