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A Miraculous Resurrection?

It looks like a miraculous resurrection for the Toronto real estate market — or does it?

In the midst of recession, the average national price of Canadian resale homes hit a record level in May, and sales activity increased for the fourth consecutive month. While U.S. residential real estate prices have been falling for almost three years, Canada seems to have stumbled and picked itself up again in a span of 12 months.

"It's all happening because of the crack cocaine of housing, which is rock-bottom interest rates," said Garth Turner, author of Greater Fool: The Troubled Future of Real Estate. "They're so irresistible, especially to inexperienced first-time buyers. That's what's propelling the market."

See the full story in the Toronto Globe and Mail »

June 29, 2009 in Toronto Real Estate Trends | Permalink

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