The latest market activity, observed around Canada, but especially in Ontario and other Atlantic provinces, has been sometimes described as the beginning of a real estate boom. However, these predictions are a bit hasted.
In some areas such as GTA, the rapid growth of sales is mainly caused by delayed sales activity, which has been recently quickly recovering its pace. The 2009 real estate market has seen sales activity lagging approximately one month behind the typical seasonal patterns, said Phil Soper, the president and chief executive of Royal LePage Real Estate Services.
Sudden shortage of housing resulted in aggressive bidding wars, however, once the demand surplus is satisfied, numbers will probably return to standard pace during the next year.