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 impacted by the US economic slowdown and because of this consumer confidence has also been affected… and a few Realtors have had to search for a “real job.”
The economic crisis in the states has undoubtedly had an impact on our economy. We are seeing less transactions occurring, (4,120 resale transactions in Feb ’09 compared to 6,015 in Feb ’08 based on TREB). Along with a decline in the amount of transactions that have occurred, average prices have likewise fall in comparison to the same time last year. Based on TREB, in central Toronto the average price went from $404,202 (Jan, 2008) to $343,632 (Jan, 2009). Homes can also be sitting on the market on average more than once last year but what did we actually expect? Did we really think last years wacky market of multiple offers and inflated prices would survive another year?
Exactly what does this real estate market mean to a Buyer or Seller in Toronto? This really is great news for buyers! This market is a blessing for first-time buyers or those wanting home ownership but simply couldn’t afford it in the past. The declining average prices as well as the unbelievably low interest levels are a great combination! It’s 多伦多地产经纪, so Buyers take advantage of this opportunity… it’s a wonderful time to buy! For sellers this kind of market means pricing right and putting in extra effort to make certain your home shows at its potential. Within the peak in the market, properties could sell the morning these were put for sale, now properties sit for extended and definitely will still sell if priced right.
As we know, the real estate industry is seasonal. Because the spring market approaches all ready there exists more activity in the city core than in the previous month. Just a week ago I used to be apart of two multiple offer situations in North York. Most of the time the Toronto Real estate market tends to grab at the end of spring and 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. They are hoping for 75,000 sales in 2009. The following month or two is a great indicator of the state of the Toronto Real estate market. I guess we’ll have to wait and see.
Toronto is definitely a diverse metropolis and is recognized as one of the top multicultural city on the planet. Toronto is actually a beautiful community for each and every ethnicity in the world. The recent Toronto Real Estate Market has turned out to be a really promising one. There are plenty of single and semi detached residential properties which can be offered in Toronto but recent statistics have shown a rise in interest in condos and apartments as well. Here are some of the recommended property neighborhoods inside the city.
Lawrence Park. Known as one of Toronto’s upscale communities, Lawrence Park is one of 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 near to the subway station and villagers take advantage of the environment’s lush green sceneries. Leaside. Originally owned by the Lea ancestry, Leaside is a community that started as being a railroad town in the early 1900s. Leaside is situated near DVP, TTC, schools and many shopping centers around town. One of the better neighborhoods inside the city is located in Bessborough Dr, popular for the tennis club, serene neighborhood and prestigious schools.