There’s great news for homeowners throughout the GTA:  not only has the market rebounded, it’s also forecast by real estate and finance experts to continue to do so in 2010.

There were 3,079 existing home transactions in the first two weeks of December compared to 1,487 in 2008. To be fair, the strong growth represents not only increased home ownership demand, but the fact that we are comparing the recovery phase of the sales cycle this December with the slower market experienced last winter.

Year-to-date sales, at 84,888, were up 16 per cent compared to the same period last year and have moved in line with the healthy levels experienced in the 2004 through 2006 period – a time known as a peak for Toronto real estate.

Obviously, the rebound in the housing sector speaks to the confidence that households have in overall economic recovery.  Interest rates continue to be favourable to buyers and aren’t forecast to increase until the second half of 2010.

Important especially to homeowners in high-demand neighbourhoods like the Beaches, the average resale home price during the first two weeks of December rose 17 per cent to $423,103. The year-to-date average was $395,411, up a healthy four per cent compared to the same period in 2008.

There’s good news for buyers, too:  Average price growth is forecast to move to a sustainable pace in the spring as listings increase in the busy Spring market.  So don’t expect the kind of overinflated prices we saw from 2004-2006, just fair pricing for a product most Canadians really want – their own home.

Are you thinking of putting your home on the market next year?  Let us know!

Happy Holidays from the Beach!