Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Real estate on the cusp of recovery

Starts, prices to rebound with economy: CMHC

Tony Wong – Toronto Star

Toronto real estate prices will be higher by the end of this year, according to a forecast by the Canada Mortgage and Housing Corp.

An improving economy means the average home price will hit $384,120 by the end of 2009, up 1.1% from the year before, the federal housing agency said yesterday.

CMHC’s earlier estimate was for home prices to decrease to $360,000 by the end of this year.

“We’re witnessing an unprecedented event, a V-shaped recovery in the housing market in the absence of a similar recovery in the greater economy,” said Ted Tsiakopoulos, CMHC Ontario regional economist.

While 1.1% is the smallest increase in more than a decade, it would mean that Toronto house prices will have gone up every year for the past 13.

“A lack of supply on the market not able to meet the level of demand basically put upward pressure on prices,” said Shaun Hildebrand, senior market analyst with the CMHC.

Low interest rates and tight inventory have contributed to price pressure in the Toronto area. The inventory problems are expected to ease in the second half as more vendors place their homes on the market.

Greater affordability means more expensive single-detached homes were purchased in the second half of the year, pushing average prices upward in the Toronto area.

The luxury market has also staged something of a comeback, with a home selling in the upscale Bridle Path area for $11.8 million, the most expensive sale this year.

Economists caution that price appreciation may not continue.

“Sales are definitely running above trend and we will see adjustments as we move forward,” Tsiakopoulos said. “We undershot in terms of sales during the peak of the crisis and we are overshooting in terms of demand right now.”

Tsiakopoulos said job numbers remain particularly worrisome.

“Job growth is critical to help sustain this pace, and we really won’t see employment gain traction till the back half of 2010,” he said.

“The economic environment in Ontario is just not as robust as in other provinces.”

Nationally, housing starts will see a surge in the second half of the year, says the federal housing authority in its quarterly outlook.

Starts are expected to hit 141,900 for the year and increase to 150,300 for 2010.

“Economic uncertainty and lower levels of employment tempered new housing construction in the first half of this year,” said Bob Dugan, chief economist for the CMHC.

“In the second half of 2009 and 2010, we expect housing markets to strengthen.”

In Ontario, Hamilton, Thunder Bay and Kitchener new home markets will enjoy the best growth prospects. Those cities are the strongest resale markets, according to the federal housing agency.

Meanwhile, high levels of affordability mean demand for detached housing will continue in the short term. However, a shift to more inexpensive multi-family housing is forecast next year as affordability erodes.

Existing home sales are expected to reach 420,700 units this year and remain slightly below that level next year.

CHMC said the average price of a home across Canada last year was $303,607 and is expected to fall slightly to $301,400 in 2009, before climbing to $306,300 in 2010.

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Contact Laurin Jeffrey for more information  –  416-388-1960

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