Toronto Real Estate News
Buoyant real estate buyers in Toronto seem to be sticking with their house hunting even though patio season is now here.
Market activity has pulled back slightly, says real estate agent Paul Johnston of Right At Home Realty Inc., and listings have increased.
“It’s gone from pandemonium to just a heavy frenzy,” he says.
Mr. Johnston likened the early spring to the bread lines in the closing days of the Soviet Union.
“A lot of people lined up for disappointment.”
Today’s market, he reckons, is more like two weeks after the iPhone launch. “There’s product to be had now.”
Mr. Johnston says he has several new listings coming out in the next couple of weeks.
Builders sanguine enough to launch new condo projects, including Dovercourt 455 at College and Dovercourt, and Kingston & Co. on Kingston Road.
He doesn’t expect a deep summer slump but the market will likely slow a bit in August, he says.
The positive mood in Toronto stands in contrast to the pessimism in the housing market in the United States.
Myles Zyblock, chief investment strategist at Dynamic Funds, says in a research report that housing sales have failed to pick up despite low borrowing rates.
Because the housing recovery is so important to sustaining a strong economy in the United States, Mr. Zyblock says, he fears the broader economic recovery might stall