I am sure you might be just as tired as I am about hearing how terrible the current state of real estate industry is in Toronto, but is it really that bad? No, the sky is not falling but there is no doubt the Toronto housing market has been afflicted with the united states economic slowdown and because of this consumer confidence has also been affected… and a few Realtors have had to find a “real job.”
The economic downturn in the states has no doubt had a direct impact on our economy. Our company is seeing less transactions occurring, (4,120 resale transactions in Feb ’09 in comparison to 6,015 in Feb ’08 in accordance with TREB). In addition to a decrease in the quantity of transactions that have occurred, average prices have likewise fall as compared to the same time a year ago. According to TREB, in central Toronto the normal price went from $404,202 (Jan, 2008) to $343,632 (Jan, 2009). Homes are also sitting on the market typically longer than the same time frame last year but what did we expect? Did we think last years wacky market of multiple offers and inflated prices would survive another year?
Precisely what does this real estate market mean to a Buyer or Seller in Toronto? This is great news for buyers! This market is a blessing for very first time buyers or those wanting home ownership but just couldn’t afford it before. The declining average prices and the unbelievably low interest levels are a fantastic combination! It’s Toronto楼花, so Buyers take advantage of this opportunity… it’s a wonderful time to buy! For sellers this type of market means pricing right and putting in extra effort to make sure your premises shows at its potential. Inside the peak in the market, properties could sell the morning these were put up for sale, now properties sit for prolonged and definitely will still sell if priced right.
As you may know, the real estate industry is seasonal. As the spring market approaches all ready there is more activity inside the city core than in the earlier month. Just last week I used to be apart of two multiple offer situations in North York. Most of the time the Toronto Real estate market tends to pick up at the end of spring then begins its descend in July. The Canadian Mortgage and Housing Commission is forecasting that Toronto will see its 6th or 7th best year throughout history. These are longing for 75,000 sales during 2009. Another couple of months is a great indicator of the state the Toronto Real estate market. I suppose we’ll only have to wait and see.
Toronto is indeed a diverse metropolis and is regarded as amongst the top multicultural city on earth. Toronto is really a beautiful community for every ethnicity on earth. The current Toronto Real Estate Market has became a very promising one. There are tons of single and semi detached homes which are offered in Toronto but recent statistics have shown an increase in need for condos and apartments too. Here are some of the strongly recommended real estate property neighborhoods inside the city.
Lawrence Park. Known as one of Toronto’s upscale communities, Lawrence Park is among the city’s pioneering garden suburbs. The area is conveniently located near the business districts including Bayview Avenue and Yonge Street. Lawrence Park nvadyq homes and mansions constructed with Tudor Revival and Colonial architectural styles.
Davisville Village. Located on the northern end of Mount Pleasant Cemetery, Davisville Village is produced up mostly of condo units and apartments. The city is near the subway station and villagers take advantage of the environment’s lush green sceneries. Leaside. Originally properties of the Lea ancestry, Leaside is actually a community that started as a railroad town in the early 1900s. Leaside is found near DVP, TTC, schools and lots of shopping malls in the city. One of the better neighborhoods in the city is situated in Bessborough Dr, popular because of its tennis club, serene neighborhood and prestigious schools.