The year 2002 was a record-setting year in real estate sales according to local Realtors, about 10 percent higher than 2001, say local Realtors.
"In 2002, the Toronto resale real estate market put in its best year ever," says Realtor. "The figure is up about 10 percent from 2001. Looking forward to 2003, there is nothing in the fundamentals of the local or national economy that suggests anything other than another strong year. While sales levels have eased off over the past few months, and will probably continue to moderate into the spring, this is only after a two-year string of record breaking performances."
Says Realtor Margaret McRae ( Luxury Exterior Porches Patios Homes, Condos, Mansions and Estates Photo Gallery ), "It looks as if 2003 will be another great year. Although statistics are not available yet, Realtors are very busy. Continued low interest rates are bringing first time buyers into the market and this is causing a soft rental market with many vacancies."
"I expect prices to moderate somewhat after the increases of the last two years," advises McRae, "particularly if more listings come onto the market. There is a shortage of supply right now but I expect that to improve in the next few months. Some neighbourhoods and price ranges are hotter than others. Leaside and North Toronto have been hot for several years with properties often selling for more than the list price. Homes priced less than $350K are also in great demand. For those considering downsizing it is a great time to sell. Conditions are also favourable for people who are upgrading as they should be able to sell their present home readily."
Realtors expect Toronto to remain a hot property.
"Toronto is a clean, safe, cosmopolitan city with a wonderful network of parks, recreational, and cultural facilities," explains Realtor Carlos Vieira. "Toronto is the home of four professional sports teams and the third largest English-speaking theatre district in the world, behind New York and London. One of the world's most ethnically diverse cities, it is home to more than 80 ethnic communities from Africa, Asia, and Europe. Toronto is also the business centre of Canada. Toronto is a first-rate North American visitor destination. With countless outstanding attractions including Skydome, Casa Loma, Royal Ontario Museum (ROM), The Hockey Hall of Fame and the CN Tower, it's not surprising that Canada's most populated city (more than 4.5 million in the greater area) entertains millions of visitors each year."