The Toronto Real Estate Board sold a record breaking 93,193 homes in 2007. Sales were up by 12% in 2007 and prices increased by 9%.
Toronto's real estate market is expected to cool down in 2008 with home prices expected to appreciate in the single digit rather than double digit range.
Merrill Lynch Canada economist David Wolf predicts that the Bank of Canada will cut interest rates by 1.25% this year.
The deadline to dodge the City of Toronto land transfer tax passed on January 1st. Toronto home buyers will now have to pay the City of Toronto land transfer tax in addition to the provincial land transfer tax. First time buyers are entitled to a rebate of up to $3,725 which covers homes valued at $400,000 or less.
In case you missed it, 2007 was the year of the condo in Toronto. For the first time ever in Toronto, sales for new condominiums outsold sales for new low rise homes.
The National Post interviews James McKellar from the Real Property Program at York's Schulich School of Business on Toronto's building boom.