Early Months Hot for Residential Sales
March 31, 2010
The record high February condo market, with Toronto Real Estate Board indicating sales of 7300 units, will continue its torrid pace through March and begin to slow during the second half of 2010, according to recent reporting by RE/MAX Condo Plus Corp Brokerage. This is a 77 per cent increase over February 2009.
March sales are tracking at 9,800 units and should surpass those of previous years, the Brokerage’s Condo Market Report March/April 2010 says. The strong first half and slower second half is attributed to the introduction of the HST, expectations of raising interest rates and more listings coming to market.
“The house market usually peaks in June, and condos peak a month later,” the Report says. “Our best guess for this year is that this market will peak in May or April if the new federal regulations on mortgage lending scheduled for April 19 take a big bite.”
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