Views, news, and latest real estate market trends in Richmond Hill and the greater Toronto area property market. If you have any questions please contact me or request a free market evaluation on your home.
|Posted on April 24, 2013 at 5:00 PM||comments (0)|
According to Royal Lepage’s new housing servey, Toronto house prices are unlikely to drop down due to very unusual situation in Canadian housing industry.
Improving economy, low interest rates and stabilizing housing prices are those rare combinational factors which have to give buyers new perspectives and lead sellers to believe that house values will remain strong.
Despite a major sales slowdown since last Summer, an average home price in Canada increased by 1.2-2.4% in 1st quarter of 2013. The average price of a bungalow was almost 4 % up in the 1st quarter of 2013 over the same time last year, which is $565,700.
But according to Royal LePage’s President Phil Soper, even if sales start to grow, such gains are not likely to go forward. Moreover they can flow smoothly driving Toronto market into territory for Buyers and it hasn’t been since 2008 economic crisis!
By Susan Pigg, Toronto Star, April 4, 2013