All year we have been looking at sales statistics in comparison to last year - 2008. With July sales 28% higher than the same month last year, and year-to date- sales almost dead even, it is a certainty that this year's sales will outperform 2008 by year end. Last year the market started to collapse by the end of September and the signs were already telling by that time. We had 26,000 active listings and we added 15,000 new listings that July.
A recent study by Scotiabank says that new immigrants will be an important driver of the housing industry, particularly in cities such as Toronto. The study was based on information from the MOST RECENT CENSUS in 2006 which is just now getting released! And it is now appearing in newspapers.
As condo sales start to accelerate, doubters can no longer deny that the market is crashing. Instead the doom and gloomers are now calling this just a 'false up'. In other words, they want you to believe that this is just a temporary recovery before the market heads down again. What do they use to prove their point of view? Just that there is a world wide economic recession and the fact that it is time for real estate to decline after an eight year run.
While our primary focus has been on the Toronto market, and particularly condo sales, the U.S. market is also starting to improve as well. The National Association of Realtors in the U.S. reported that new sales (pending) increased 3.2% in March over February (less seasonality then Canada) and were up 1% over the same month - March of 2008.