- Cheers to 2007!!! It was a great year for Real Estate in Toronto. It was the 6th year in a row that housing starts were up in Ontario. Final results are not in but it seems Toronto Real Estate sales exceeded 90,000 this calendar year.
- In Ontario the economy is expected to improve slightly heading into 2008 and help sustain a high level of housing demand.
- Average MLS prices rose approximately 11-12% in 2007. 2008 should expect to see a moderate increase of 3-4% based on information provided by the Ontario Real Estate Association.
- It was the best year of record as measured by the Multiple Listing Service of the Toronto Real Estate Board.
- “Continuing high employment levels, income gains and low mortgage rates have been a boon to Canada’s housing markets. ” said Bob Dugan, Chief Economist at CMHC (Canadian Mortgage Housing Corporation). “The pull back in housing starts next year will be mainly due to the increases in house prices in recent years, which have pushed mortgage carrying costs higher.”
ON A PERSONAL NOTE THE OULAHEN TEAM had a great year and feel so grateful to our clients for their support and referrals. Our new offices on Yonge Street provide outstanding space to meet and share real estate information. We hope to have new and exciting exchanges in 2008 with our clients.
EACH OF US WOULD LIKE TO TAKE A MOMENT TO WISH YOU A HEALTHY,HAPPY AND PROSPEROUS 2008!! Please drop by or call us anytime.
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