The GTA Construction Report – February 2009 – PAGE A3
GTA housing market stable despite decline in 2008
LOUIS TAM – Special to The GTA Construction Report
we started to see sales drop people to get into the mar-
off.” ket.”
Insecurities about the Approved by city council As part of the recently Although economic fore-
market aren’t the only rea- two years ago, the tax levies unveiled 2009 federal casts for 2009 are still un-
son why Torontonians ap- the assessed value of a prop- budget, Home Renovation clear, Mercer is confident
pear to have bought fewer erty when it is sold. Tax Credits and tax relief for that over the long run, hous-
homes last year. According to a TREB re- first-time home buyers have ing sales in the GTA will re-
According to Jason Mer- port, the spike in 2007 saw been introduced to jump main relatively stable.
cer, a senior market analyst 39,052 home sales within start the housing sector. “We’re the single great-
for the Toronto Real Estate the GTA. There were 29,878 However, Canadian Real est beneficiary of immigra-
Board, the city’s Land sales last year, and numbers Estate Association President tion in the country - a lot of
Transfer Tax is also why for 2006 stood at 34,404. Calvin Lindberg feels re- newcomers move into the
GTA home sales last year Sales last December alone covery will likely be “tied in Toronto area to take advan-
were 20 per cent lower than dropped to 2,577 from 4,646 part to the availability of tage of a diverse local labour
numbers in 2007. during the same month in savings or credit, since the market,” he said. “A lot of
Between October 2007 - 2007. expense has to be paid be- these people are eventually
when the tax was an- Consumers, Mercer said, fore the tax credit is issued.” going to be looking to move
nounced, and February 2008 have also remained cautious The Bank of Canada also into ownership of a home.”
- when it took effect, Mercer about making big ticket pur- brought its interest rates “If you look at the GTA
said the GTA saw a sudden, chases like homes, though down by a historic 1.5 per area, I think there’s still a
short-lived burst of pur- the GTA job market has cent in January. But Ontario very positive upside going
chases as home buyers been relatively resilient in Real Estate Association for the next couple of
looked to dodge the levy. the closing months of 2008. spokesperson Bob Linney decades.”
“What happened after “Obviously if someone doubts the move will have a
that announcement was that loses their job they’re not as drastic effect on the real es-
we saw a lot of people rush- likely to purchase a home, tate market.
ing in the real estate market but just hearing about job “The rates have already
to make purchases,” he said. loss and softness in the been historically low,” he
“We saw an unsustainable economy can influence peo- said. “The drop in rates
spike both in sales and aver- ple’s decision as well,” he tends to, or seems to encour-
age price – people were bid- said. “Until the last two age as many preexisting
THE FENCE PEOPLE LIMITED
ding up the prices of homes months of 2008 we were mortgage holders to renego-
before that Land Transfer still seeing positive job tiate (their mortgage loans) All Types of Temporary Fences
Tax (took effect).” gains across the country, yet as it does to encourage new
• Chain Link (Driven In) • Plywood Hoarding
• Chain Link (Panels) • Covered Walkways
• Snow & Silt Fence • Sliding Gates
Tel: (905) 450-0500 Fax: (905) 450-0502
www.thefencepeople.com
250 Clarence Street, Unit #11, Brampton, Ontario L6W 1T4
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20