The Toronto Real Estate Board recently weighed in with their outlook for 2011/2012 by posting the above video to their YouTube channel. This video is the latest from TREB in a series featuring their Senior Manager of Market Analysis, Jason Mercer.
In his presentation, Mr. Mercer focuses on 3 key factors in his analysis of where we've been and where we're going:
- Average home price
- Average household income
- Average 5 year fixed mortgage rate
For those of you unwilling to sit through the 20 min video (I don't blame you - 20 min is long...), here's a quick summary of his outlook:
- The pace of economic recovery has slowed NOT STALLED in Canada.
- The market consensus is for fewer rates hikes than originally expected through the end of 2012.
- Wages and salaries will reach an inflation-level of growth.
- There'll be an inflationary increase in utilities costs and taxes.
- Right now affordability remains in check, thus the current average selling price is justified.
- Price growth will be slower in 2011/2012 (3% growth).
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.