All the Best!
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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Toronto - Market rally brings relief
With further sizable declines in the first quarter - ranging from 3.9 to 7.0
percentage
points - RBC's affordability measures for the Toronto area have now been
restored
to historical averages for all housing types. This has opened the door more
widely
to new buyers and set the stage for a resale market rally this spring.
Following a
worrisome drop to a 10-year low during the fall and early winter, resale
activity has
since bounced back vigorously and even slightly exceeded the year-earlier
pace in
May for the first time since the end of 2007. Further, there has also been
evidence
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
appears
that Toronto's housing market is averting the painful crash scenarios that
some
had feared.
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