For VANCOUVERITES a hot housing market is nothing new. But TORONTO, Canada’s largest city and the country’s prime growth centre, is rapidly catching up. New records are being set month-after-month in the GTA (Greater Toronto Area) with no sign of a slowdown.
The low Canadian dollar and immigrant/foreign investment would no doubt account for some of this. John Pasalis, a TORONTO real estate broker, told the Toronto Star that “sales are off the charts. The market is insanely competitive (with buyers 10 and 20 deep lining up). The positive thing is it’s actually home buyers rather than speculators or flippers.”
<PHOTO – a detached Toronto cottage, blogTO>