Repeat Buyers Lift Toronto Real Estate Market to Record Heights in 2007
John Pasalis in Toronto Real Estate News
Earlier this week Realosophy.com released their first Quarterly Move Smartly Housing Report to subscribers.
The Realosophy team is obsessed with analyzing Toronto real estate data and we love looking for micro trends within this data. In the same way Calgary’s real estate market is different from Toronto’s, we believe that the real estate markets in two different neighbourhoods within the same city can be equally different. Every neighbourhood has its own set of factors that influence sales and prices. Only by looking at Toronto real estate sales at the more granular neighbourhood level can we begin to see these micro trends.
We decided to launch our report with a summary of sales for 2007. We will soon follow this up with first quarter results for 2008.
The fascinating story we found for 2007 was that the repeat buyer market propelled Toronto’s real estate market to record heights. This is interesting because the common assumption, and fear, among most industry watchers was that the 40 year mortgage propelled more first-time home buyers into the market, pushing the market to record heights. From the report:
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