GTA housing market stable despite decline in 2008
down by a historic 1.5 per tiate (their mortgage loans) newcomers move into the
Louis Tam NHBA Structures Staff Writer
cent in January. But Ontario as it does to encourage new Toronto area to take advan-
Insecurities about the Tax (took effect).”
Real Estate Association people to get into the mar- tage of a diverse local labour
market aren’t the only rea- Approved by city council
spokesperson Bob Linney ket.” market,” he said. “A lot of
son why Torontonians ap- two years ago, the tax levies
doubts the move will have a Although economic fore- these people are eventually
pear to have bought fewer the assessed value of a prop-
drastic effect on the real es- casts for 2009 are still un- going to be looking to move
homes last year
tate market. clear, Mercer is confident into ownership of a home.”
. erty when it is sold.
According to Jason Mer
“The rates have already that over the long run, hous- “If you look at the GTA
- According to a TREB re-
cer, a senior market analyst port, the spike in 2007 saw
been historically low,” he ing sales in the GTA will re- area, I think there’s still a
for the Toronto Real Estate 39,052 home sales within
said. “The drop in rates main relatively stable. very positive upside going
Board, the city’s Land the GTA. There were 29,878
tends to, or seems to en- “We’re the single great- for the next couple of
Transfer Tax is also why sales last year, and numbers
courage as many preexisting est beneficiary of immigra- decades.”
GTA home sales last year for 2006 stood at 34,404.
mortgage holders to renego- tion in the country - a lot of
were 20 per cent lower than Sales last December alone
numbers in 2007. dropped to 2,577 from 4,646
Between October 2007 - during the same month in
Niagara College Event Manage-
when the tax was an- 2007.
nounced, and February 2008 Consumers, Mercer said,
ment Students Present...
- when it took effect, Mercer have also remained cautious
said the GTA saw a sudden, about making big ticket pur still seeing positive job
RAISE THE ROOF
-
short-lived burst of pur- chases like homes, though gains across the country, yet
a dinner, dance and silent
chases as home buyers the GTA job market has we started to see sales drop
looked to dodge the levy
auction to benefit
. been relatively resilient in off.”
“What happened after the closing months of 2008. As part of the recently
Habitat for Humanity Niagara.
that announcement was that “Obviously if someone unveiled 2009 federal
we saw a lot of people rush- loses their job they’re not as budget, Home Renovation
ing in the real estate market likely to purchase a home, Tax Credits and tax relief for
to make purchases,” he said. but just hearing about job first-time home buyers have
Where: Sparrow Lakes Golf Club, Welland, ON
“We saw an unsustainable loss and softness in the been introduced to jump
When: Friday February 27, 2009
spike both in sales and aver
Time: 6:30 cocktail reception and silent auction
- economy can influence peo- start the housing sector.
age price – people were bid- ple’s decision as well,” he However, Canadian Real
(live music provided by "The Permtones")
7:30 dinner (featuring unique food stations)
ding up the prices of homes said. “Until the last two Estate Association President
Dancing (music provided by Dancemaster DJ)
before that Land Transfer months of 2008 we were Calvin Lindberg feels re-
Cost: $40 per person (cash bar)
covery will likely be “tied in
Attire: Semiformal
part to the availability of
savings or credit, since the
Proceeds to benefit Habitat for Humanity home building program!
expense has to be paid be-
fore the tax credit is issued.”
To purchase tickets or for more information please contact:
The Bank of Canada also
905-641-2252 ext. 6469 or niagaracollege.ca/raisetheroof
brought its interest rates
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February 2009 NHBA Structures - B7
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