GTA real estate market hot again, board says

Rob Roberts national post 06/02/2009 15:26

Toronto’s real estate market has rebounded from dismal record lows, according to the Toronto Real Estate Board. House sales rose last month — up 2% from last May — for the first time since sales plummeted in the fall. Melissa Leong offers five things you should know:

1. It’s not just the usual spring thing. Will Dunning, a housing market analyst, credits the extra bump to lower interest rates, improved consumer confidence and pent-up demand. ‘‘It’s the flip side of a very negative confidence situation in the fall and during the winter,” he said. A lot of people put plans to buy property on hold, he said. “As confidence started to lift, those people who had paused became active in the housing market. The catching up for activity that didn’t happen last fall will unfold over a couple of months this spring.”

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