(Source: Toronto Sun)
The country’s battered housing market is on the rebound — and Toronto is ahead of the curve, according to statistics released by the Canadian Real Estate Association.
Across the nation seasonally adjusted home sales rose 7% in March, compared to February, and the month-over-month increase in Toronto was a whopping 19.4%.
But that’s not where the real story lies, says Toronto condo magnate Brad J. Lamb.
“Real-estate sales go up in the spring, that’s a given,” Lamb said yesterday. “But the year-over-year numbers really show us that sales are rebounding.”
Sales in the GTA were down about 7% in March over last year. That was the smallest decline in six months, when the economy started to plummet.
February sales were down 31.6% over the same month in 2008, and November saw a year-over-year decrease of 50.1%.
“The gap is shrinking,” the association’s chief economist, Gregory Klump, said.