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A. Mark Argentino
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Toronto - Market rally brings relief
With further sizable declines in the first quarter - ranging from 3.9 to 7.0
points - RBC's affordability measures for the Toronto area have now been
to historical averages for all housing types. This has opened the door more
to new buyers and set the stage for a resale market rally this spring.
worrisome drop to a 10-year low during the fall and early winter, resale
since bounced back vigorously and even slightly exceeded the year-earlier
May for the first time since the end of 2007. Further, there has also been
recently that prices are moving up again. While it is still too early to
wave the "all
clear" sign - economic uncertainty has yet to dissipate in the region - it
that Toronto's housing market is averting the painful crash scenarios that