There is no doubt the last twelve to eighteen months have been pretty tough economically all across Canada and the rest of the world. One of the most difficult aspects of this economic downturn has been the negative impact on home prices, an issue that affects people in many different income ranges and with many different financial situations. Fortunately, Toronto home prices have begun to rebound quite nicely, but what other areas are keeping up with us in this area?

Toronto’s positive home market performance
A good place to start is with a closer look at the kind of positive economic performance Toronto has enjoyed thanks to its relatively strong bounce back in the housing market. The market may have struggled in the last year, but all indicators are our real estate market is rapidly turning around to a positive direction.

Consider these favourable indicators:
Growth in average sales price – The average sales price in October, 2009, is up 20% in comparison to the same month in 2008

Total sales in 2009 – Although the most recent sales figures are only available through October, the Toronto market is on track to exceed 2008’s total sales by up to 9%.

Across the board growth – Growth in the Toronto housing market has effectively been across all price ranges and classes of property, an extremely positive sign

(Source: Toronto Real Estate Board)

There is no doubt that Toronto seems to have weathered the worst of the storm in the housing market, but what other areas have experienced this same kind of positive rebound?

Other areas with positive housing market indicators
A number of other areas are also showing positive housing market indicators, a good sign for those cities and regions where this is occurring. Some examples of places that appear to be keeping up nicely with Toronto include:

Arkansas, U.S.A. – This state in the southern part of the United States has typically struggled severely during economic downturns, and this most recent difficult time has been no exception. However, according to the Arkansas Realtors Association the tide appears to be turning; in September, 2009, housing sales were up compared to the same time period in 2008, a good start that they are optimistic will continue into the new year thanks in part to generous federal tax credits for first time home buyers.

Winnipeg, Manitoba – This rapidly growing city has largely avoided the steep declines in their housing market compared to others; according to the Canada Mortgage and Housing Corporation they are on track to experience up to a 2.5% increase in housing starts for 2009 compared to 2008, with up to a 3% increase forecast for 2010. While these might not seem like huge numbers, compared to areas where housing starts have been down as much as 11% or more during the same time period they look pretty good.

Montreal, Quebec – This is another Canadian city that has weathered the economic crisis relatively well in terms of their housing market. Again according to the Canada Mortgage and Housing Corporation, housing starts for 2009 are on track to be up approximately 2.4% with an increase of approximately 2.5% forecast for 2010. This is good steady growth that is a positive sign for the city of Montreal.

This is just a sampling of other areas that are keeping up well with the Toronto real estate and  housing market results for 2009 and going into 2010. Let’s hope the positive indicators continue during that time period and that they spread throughout other areas as well.

About the Author:
I was born and raised in Central Toronto, spending my whole life in the neighborhoods that I now work, and in the Toronto Real Estate industry. I understand all the nuances of Toronto’s various communities & what Toronto real estate agents have to deal with.

I have dedicated my education to negotiating, marketing business development and staying ahead of the curve with technology. I have attended international conferences, understand major agencies like Johnston and Daniel, all of which has helped me learn how I can provide more efficient, effective and thorough service.