Remember early 2009, when Toronto’s housing market slowed to a near halt?
The current boom, which started in the second half of last year, helped many forget. (In fact, existing home sales in the GTA last month were up 77 per cent compared to February 2009)
But, as most experts are saying, current conditions are near impossible to maintain.
In a new report, the Canada Mortgage and Housing Corporation says 2010 will be the flip side of last year.
"This year will be a very good first half, followed by a slower second half," CMHC analyst Shaun Hildebrand told the Toronto Star. "Right now, we are having exaggerated rates of price appreciation as supply is tight and interest rates are low."
According to the report, price appreciation and sales will drop off as the market slows in the second half of 2010.
Buffered by the first half of the year, CMHC still expects existing home sales across the GTA to rise 2.5 per cent overall in 2010.
However, the report predicts a 9.3 per cent drop in 2011.
