This weekend we had yet another report to dispel the black clouds that some people claim are hanging over the Toronto mortgage and real estate market.
At a recent meeting of the Building Industry and Land Development Association the overall message was one of optimism. As reported in the Toronto Star, Jason Mercer, senior market analyst for CMHC, foresees positive job growth in the GTA (with the possible exception of the manufacturing sector), low unemployment and a tight labour market that will support “a healthy housing market”, all underpinned by continuing low mortgage rates.
Barry Lyon spoke at the same meeting and noted that the condo market is returning to “normal” levels from the record highs seen last year. His conclusion, based on condo sales and supply/demand ratios, is that the market is sustainable and on a sure footing.
Tuesday, September 23, 2008
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