A significant drop in long-term mortgage rates has given the Greater Toronto Area housing market a timely boost, even as figures show that sales are slowing markedly.The Bank of Canada was the first among the group of seven industrialized nations to raise its benchmark rate earlier this year, steadily increasing it to the current 1 per cent. Today The Bank Of Canada kept the prime rate unchanged till December 7 2010.
The GTA resale market is balancing out from the record level of sales experienced in the second half of 2009 and the first few months of 2010,” said TREB president Bill Johnston. This is why sales figures have been lower than 2009 levels in recent months.
The average price for October transactions during the first two weeks was $444,644, up 7 per cent compared with the average of $414,479 recorded in 2009.