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?