TRENDS AND OUTLOOK FOR THE GTA REAL ESTATE MARKET

House prices in the Greater Toronto Area have remained stable for the last few months, even though there have been fewer sales and more homes have been listed on the Toronto MLS, compared to the same time in 2007.

Incomes are growing in Toronto at the rate of 3%, while inflation is holding at 2.5%, therefore we still have positive growth in the GTA, which is welcome news for the housing market.

In addition, mortgage rates remain very how. Historically we are at a 50 year low, which is further good news for the Toronto Real Estate Market. The Bank of Canada is predicting that mortgage rates will remain flat. In Ontario we are experiencing a low rate of default mortgages. Fortunately, we have been shielded from the United States' sub-prime mortgage fiascos, and our economy remains stable here.

Statistics Canada has predicted that there will be an increase in jobs being created in the GTA for the balance of 2008. With all these positive factors, we can look forward to a continuing stable housing market here in the GTA. If you are looking to either buy or sell a home in Toronto, it's a great time!

If you would like to discuss the wonderful Toronto/North York neighbourhoods of Armour Heights, Bathurst Manor, the Cricket Club or Hogg's Hollow, please call Liz Gordon, Sutton Group-Admiral Realty, Brokerage, at 416 739-7200, or email me at egordon@trebnet.com.