REAL ESTATE: ARE WE HEADING FOR THE ABYSS OR IS THE UNIVERSE UNFOLDING AS IT SHOULD?

HOUSING1Despite concerns that Canada is either in a recession or on the road to one, home sales in TORONTO remain on the upswing. TREB, the TORONTO Real Estate Board released figures this week stating nearly 12,000 detached houses, semis, townhouses and condos were sold in June.

REALESTATE1Within the City of TORONTO – average price for a detached house $1.052-million; in the 905 outer suburban ring $738,016. Average price for a condo in the City $418,599 in June. Average price of a City townhouse, up over 10.8% a year ago to $539,259; in the 905 suburban region up 14% year over year to $459,004. Sales of townhouses within the City were up 21.2%, and 18.5% in the 905 suburban regions.Top-tier real estate across the Greater TORONTO Area: condos and houses over $1-million were up 56% in the first half of 2015, surpassing VANCOUVER at 48%. In both cities, many detached and semi-detached houses and condos have jumped into the $1-million plus price range. Demand is outstripping supply and a low dollar is encouraging more foreign investment.

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