Recently I was interviewed on CBC when the Toronto Real Estate Board released its’ figures for July and early August…As usually happens, the Media had decided the story that they wanted to tell and then they looked for me to back them up. There is no doubt that the market is slower in Summer, and there is also no doubt that this August is slower than last August.
However, I have a tendency to look at the year as a whole, and put it in context with not just one year but the three or four past years. So here are the Housing Market Charts for the past fews years comparing 10 different factors. Don’t get caught up in the Media Hype one way or the other…get the full picture before you make your decisions.
Know that there are two major factors that I feel will really have a chilling effect on the market in Toronto. One being a decrease in the immigration to the City and the other being a major increase in the Mortgage Interest rates, however, expect a lot of activity as they move up as consumers will rush to get the lower rates first.
These charts are my Real Estate Bible and I will post them here monthly. Here is July’s which were released August 5th…Remember that you are not able to live in Stocks and Bonds and the Real Estate market is often more motivated by the need to move into new School Districts, closer to work, or upsizing/downsizing, or taxes than it is the vaugeries of pricing.