GTA Housing Market Review

This is an intersting video about the market in 2012.

Here are the points that are covered:

2012 Market Review

  • Sales over 2012 were 85,731 vs 89,096 in 2011
  • Sales were higher in 2012 till June from 2011 levels and dropped off in the last part of the year
  • The new strict mortgage guidelines came into effect in June which helped cool down the market.
  • Additional land transfer tax is hurting the Toronto Real Estate Market.
  • Home price growth justified by Solid Affordability
  • Divergence in Months of Inventory

The Economy and Interest Rates

  • GDP Growing slowly
  • Strong Employment growth
  • Unemployment trending back to norm
  • Household income to grow
  • Chance of rate increase in 2013?

2013 Market Outlook

  • TMLS Sales lower in 2013
  • New listings will edge upwards
  • Moderate price growth in 2013
  • Interest rate hikes?