Here’s more evidence that our housing market is still going strong. Many analysts were expecting a pullback this year. The reasoning was that the peak had arrived when sales climbed above 80,000 units three years ago.
But strong consumer confidence, low interest rates and good job numbers have already made 2007 the best year ever for home resales in the Toronto area, and there’s still one month to go.
Record-breaking November sales of more than seven thousand homes have driven the year-to-date total to nearly 89,000. That’s enough to beat the previous yearly record of 84,000, set in 2005.
Realtors say that means the market is as healthy as ever. But they expect that next year, prices will go up less than five percent. This year the average price is already up 11 per cent to just under $394,000.