I am sure you are just as tired as I am about hearing how terrible the present state of real estate market is in Toronto, but is it really that bad? No, the sky is not falling but there is no doubt the Toronto real estate market has been affected by the usa economic slowdown and because of this consumer confidence has additionally been affected… plus some Realtors have had to search for a “real job.”
The economic downturn in the states has undoubtedly had an effect on our economy. We have been seeing less transactions occurring, (4,120 resale transactions in Feb ’09 compared to 6,015 in Feb ’08 in accordance with TREB). In addition to a decrease in the number of transactions which have occurred, average prices have likewise fall in comparison to the same time a year ago. According to TREB, in central Toronto the average price went from $404,202 (Jan, 2008) to $343,632 (Jan, 2009). Homes are also sitting on the market on average over the same time this past year but what did we really expect? Did we actually think last years wacky market of multiple offers and inflated prices would survive another year?
Exactly what does this housing market mean to your Buyer or Seller in Toronto? This is great news for buyers! This marketplace is a blessing for first time buyers or those wanting home ownership but couldn’t afford it before. The declining average prices and also the unbelievably low interest rates are a fantastic combination! It’s Toronto楼花, so Buyers employ this opportunity… it’s a great time to buy! For sellers this type of market means pricing right and setting up extra effort to make sure your home shows at its potential. In the peak in the market, properties could sell the morning they were put for sale, now properties sit for prolonged and can still sell if priced right.
As you may know, the real estate industry is seasonal. Since the spring market approaches all ready there is certainly more activity within the city core than in the earlier month. Just a week ago I had been apart of two multiple offer situations in North York. Generally speaking the Toronto Housing market tends to grab at the end of spring then begins its descend in July. The Canadian Mortgage and Housing Commission is forecasting that Toronto will spot its 6th or 7th best year in history. These are dreaming about 75,000 sales in 2009. The next month or two is a great indicator of the state of the Toronto Real estate market. I assume we’ll just have to wait and see.
Toronto is indeed a diverse metropolis and is regarded as among the top multicultural city on earth. Toronto is a beautiful community for each ethnicity on the planet. The recent Toronto Real Estate Market has proved to be an extremely promising one. There are tons of single and semi detached homes which can be offered in Toronto but recent statistics have demostrated a rise in need for condos and apartments too. Here are the highly recommended real estate neighborhoods inside the city.
Lawrence Park. Known as one of Toronto’s upscale communities, Lawrence Park is probably the city’s pioneering garden suburbs. The area is conveniently located close to the business districts like Bayview Avenue and Yonge Street. Lawrence Park nvadyq homes and mansions designed with Tudor Revival and Colonial architectural styles.
Davisville Village. Located on the northern end of Mount Pleasant Cemetery, Davisville Village is created up mostly of condo units and apartments. The neighborhood is close to the subway station and villagers take pleasure in the environment’s lush green sceneries. Leaside. Originally properties of the Lea ancestry, Leaside is actually a community that started being a railroad town in the early 1900s. Leaside is situated near DVP, TTC, schools and several shopping centers in the city. Among the best neighborhoods in the city is located in Bessborough Dr, popular for its tennis club, serene neighborhood and prestigious schools.