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Toronto House Prices Up 78% over 10 Years! Below the National Average for Real Estate in Canada?

If you live in the Toronto or surrounding area you have probably wondered how long this real estate market can sustain itself.   I started wondering over 2 years ago, but every time I think it's about to turn we get a new surprise.   Banks have extended their amortization schedules from 25 years to 30, then 40 and now one lender is offering 50 years.  This extension on a mortgage does give the average consumer a little more buying power.

Toronto Real EstateWhile Toronto's average house price rose 78% in the last 10 years, Edmonton real estate prices rose 203%, next was Calgary at an increase of 189%.   

Canada-wide house prices were up 98.7% which put Toronto below the National Level.  

Take a look at average prices for January 2008, as per the Canadian Real Estate Associations statistics

Vancover Average Home Price $588,183
Calgary Average Home Price $408,672
Edmonton Average Home Price $332,051
and then there's Toronto's Average Home Price $374,449

To take it one step further, Toronto didn't even make it in the top 10 markets nationally in terms of price appreciation over the past decade.   So while our house prices have climbed there are many other cities where buyers have had to deal with a bigger shock in prices of homes.

We still have a lot of opportunities, lenders are offering creative financing from discounted mortgage rates, zero money down plans and long term amortizations.   If you are still sitting on the fence and haven't taken the leap to home ownership, my best advice is to find a great realtor and definitely a patient mortgage broker.   As a first time buyer I would want someone to work out all the different payment scenarios and be patient with me.    Go through the figures as many times as needed until I am totally comfortable with my choice.  This is not the time to be shy!

There are many forecasts that house prices will only climbing between 3 to 5% in 2008.   And looking at the latest prices of google and apple stock, I think real estate is still the most comfortable long term investment.

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Posted: Wednesday, February 27, 2008 2:30 AM by Sutton Realty

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