The Toronto and GTA housing market has often been difficult to analyse housing sales trends, and that is reflected this week with very different opinions on the future housing pricing trends.
CREA says prices topping out
National home prices continued to rise in February, but the Canadian Real Estate Association (CREA) said Friday that evidence pointed to a market that was “topping out.”
“MLS HPI trends for February show that home price growth is generally slowing,” said Gary Morse, CREA President. “At the same time, price gains and trends differ among housing markets tracked by the index.”
RE/MAX predicts 'heated' spring market
Canada’s housing market won't be cooling down just yet, with a new report by RE/MAX pointing to a growing number of bidding wars in markets across the country.
“Major Canadian real estate markets continued to show exceptional resiliency throughout the first quarter of the year, with strong demand and diminished supply setting the stage for a heated spring 2012,” according to the Re/Max report.
With the diverse nature of the Greater Toronto Area housing market, both views can be correct. We expect to see continued strength in desireable areas (like Unionville, Markham and Stoufville), and with the currently limited for-sale inventory available, housing prices in these areas are likely to remain strong.