...ThinkTorontoHomes.com

Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.

“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour. “Increasingly confident consumers moved to take advantage of affordable home ownership.”

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While the practice is not as rampant as earlier in the decade, imaginative criminals keep dreaming up new scams

'A good crook can beat a smart lawyer any day of the week."

That's the view of Sidney Troister of Torkin Manes LLP of Toronto, who says that he has seen lots of crooks in his 12 years fighting mortgage fraud, and that the schemes just keep coming.

Mortgage fraud was rampant in the earlier part of this decade, and a number of Canadian lawyers were involved in systematic frauds involving dozens of properties, costing victims millions of dollars. There are indications that the problem has waned. But despite recent regulatory changes and greater consumer awareness, the problem hasn't been eradicated.

In Canada, mortgage fraud usually follows the hottest real estate markets and pricier properties, legal experts say.

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The Bank of Canada indicated it was premature to be talking about a housing bubble in Canada in a speech Monday by bank official David Wolf. His remarks came after months of highlighting the danger of Canadians getting in over their heads in purchasing homes. 

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Greater Toronto REALTORS® reported 1,749 existing home sales on the Multiple Listing Service (MLS®) during the first two weeks of January. This result was almost double the 888 sales reported for the same period in 2009, when sales had dipped to a recessionary low.

“We have had a strong start to 2010,” said Toronto Real Estate Board President Tom Lebour. “Widespread sales growth in terms of geography and housing type indicates that many households remain confident in their ability to purchase and pay for a home over the long-term.”

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Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said TREB President Tom Lebour. “As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”

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