I am sure you are 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 it is obvious the Toronto housing market has become impacted by the usa economic slowdown as a result of this consumer confidence has also been affected… and a few Realtors have had to find a “real job.”
The downturn in the economy in the states has without doubt had an impact on our economy. We are seeing less transactions occurring, (4,120 resale transactions in Feb ’09 in comparison to 6,015 in Feb ’08 in accordance with TREB). Plus a decrease in the amount of transactions that have occurred, average prices have also fall as compared to the same time this past year. Based on TREB, in central Toronto the typical price went from $404,202 (Jan, 2008) to $343,632 (Jan, 2009). Homes can also be sitting on the market typically more than the same time a year ago but what did we really expect? Did we think last years wacky market of multiple offers and inflated prices would survive another year?
What does this housing market mean to some Buyer or Seller in Toronto? This is great news for buyers! This industry is a blessing for first-time buyers or those wanting home ownership but couldn’t afford it in the past. The declining average prices as well as the unbelievably low interest levels are a fantastic combination! It’s 多伦多楼花, so Buyers take advantage of this opportunity… it’s a lot of fun to purchase! For sellers this sort of market means pricing right and investing in extra effort to make certain your premises shows at its potential. In the peak from the market, properties could sell the day these were put up for sale, now properties sit for prolonged and definitely will still sell if priced right.
As you may know, real estate industry is seasonal. Since the spring market approaches all ready there exists more activity in the city core than in the last month. Just last week I had been apart of two multiple offer situations in North York. Most of the time the Toronto Real estate market tends to grab in late 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 of all time. These are longing for 75,000 sales during 2009. The following few months will be a great indicator of the state of the Toronto Housing 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 each ethnicity on earth. The recent Toronto Real Estate Market has proved to be a very promising one. There are a lot of single and semi detached homes which can be offered in Toronto but recent statistics have demostrated an increase in need for condos and apartments too. Here are among the highly recommended real estate property neighborhoods within the city.
Lawrence Park. Known among Toronto’s upscale communities, Lawrence Park is one of the city’s pioneering garden suburbs. The area is conveniently located nearby the business districts such as Bayview Avenue and Yonge Street. Lawrence Park nvadyq homes and mansions built with Tudor Revival and Colonial architectural styles.
Davisville Village. Located on the northern end of Mount Pleasant Cemetery, Davisville Village is made up mostly of condo units and apartments. The community is close to the subway station and villagers take advantage of the environment’s lush green sceneries. Leaside. Originally properties of the Lea ancestry, Leaside is a community that started as a railroad town during the early 1900s. Leaside is located near DVP, TTC, schools and several shopping malls in town. Among the best neighborhoods in the city is found in Bessborough Dr, popular because of its tennis club, serene neighborhood and prestigious schools.