20 Jun 2011

Toronto housing market continues to thrive

Despite numerous studies and economists projecting a housing slowdown is in the offing for Toronto, the numbers continue to defy the oddsmakers.

According to statistics recently released by the Canadian Real Estate Association, national resale housing activity was stable in the month of May for Canada overall, but home sales skyrocketed in Edmonton and Toronto.

According to the report, in Toronto, home sales reached their second highest level on record in the month of May.

That wasn't the case in all of Canada, however, as several metropolitan regions reported declines, specifically Vancouver and Ottawa.

"Toronto stood out as an exception," said Gregory Kump chief economist for CREA. "Sales activity there [grew] faster than new supply."

Several reports have been released in recent weeks suggesting the Toronto housing bubble is about to burst, perhaps leading to a decline in the number of families in need of a storage unit. However, Sal Guatieri, senior economist for BMO Capital Markets, reports Toronto welcomed 92,000 immigrants last year. The increased demand for housing should help cushion any market weakness that may come to pass, Guatieri said. 

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