(Source: The Globe and Mail)
March new condo sales figures are in. Is the slump over? To paraphrase Winston Churchill, it is not the beginning of the end but may indeed be the end of the beginning.
According to RealNet Canada, there were 414 new condo sales among the 332 active projects in the Greater Toronto Area in March, bringing the first quarter total to 909 suites. While that pales compared with the 3,577 sold in the same three months last year, it is about a 50-per-cent jump in activity from February.
Resale home sales rose significantly as well. The Toronto Real Estate Board says 6,171 properties of all kinds changed hands last month, versus 6,631 last year.
Bottom line, what the folk who analyze these statistics say is that the Toronto housing market bottomed out in December and has been on a slow comeback ever since.
Read the full article by Terrence Belford “Good news hidden in dismal numbers” in the Globe and Mail (April 24, 2009).