The UK market has been much weaker than here in Toronto. But according to the UK Nationwide House Price Index, prices rose for the second time in three months. May marked the largest one month increase since 2006 at 1.2%. At the same time, the backlog of unsold houses is dropping and the sale-to-list ratio is increasing. Also the number of new mortgages in May was the second highest in over a year - a result of record low interest rates.
The biggest issue in the Toronto Condo Market is not whether we are in an upturn but whether this strong upturn can be maintained, or is it just a 'false upturn' and just the middle of the 'W' as market bears claim. This will be discussed in a further blog. But any comments from readers?