Tag Archives: toronto market watch

Canada’s Flaherty Says There Is No Housing Bubble ‘Right Now’

Finance Minister Jim Flaherty said record Canadian home prices partly reflect a stabilizing economy and don’t constitute a bubble “right now,” even though the government is prepared to act if gains become excessive. Flaherty, in an interview today, said recent price increases for homes in Canada are due to a “confluence” of factors including low interest rates, an improving economic outlook and a stabilizing job market. “We always watch the housing market to make sure that we do not see the development of an asset bubble,” Flaherty, 59, said during an interview in his office in Ottawa. “There would have … Read more

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Homes Sale Jingling Along!

The first week of December was a good week, economically speaking, for the Greater Toronto Area and Canada more broadly. We had two waves of positive financial news. First, Statistics Canada announced the Canadian economy grew in the third quarter -the first quarter of growth since the third quarter of 2008. This was followed by encouraging employment numbers. In Canada, a whopping 79,000 jobs were created in November and the unemployment rate dropped slightly. In the Toronto area, we experienced the fourth straight month of job creation. This was the backdrop for another strong report from the Toronto Real Estate … Read more

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November Stats are Out!…GTA Home Sales Remain Strong Through November!

There were 7,446 sales reported  in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14% compared to the first 11 months of 2008. “This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour. “Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.” The average price for November … Read more

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