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Is the 'real estate apocalypse' here?
Realtors are feeling a perceptible slowing in the market
The year has not started well for the Toronto real estate market. In figures released last week, a blustery February knocked existing home sales down by 11 per cent for the month, while residential building permits were down by a significant 47 per cent in January.
Growing uncertainty over the U.S. economy, where housing values have plummeted in some states, has also cast a long shadow over the Toronto market.
In conversations with realtors, economists and buyers, the Toronto Star found a growing unease over whether the good times can continue – and whether this year will mark a turning point.
"If the American economy continues to go down, the greatest risks to Canada are in the Greater Toronto Area since we do the most exporting to the U.S.," says housing analyst Will Dunning. "This is the great unknown."
See full story in the Toronto Star »
March 9, 2008 in Toronto Real Estate Update | Permalink
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Comments
Despite potential real estate apocalypse, the economists and experts seemed convinced of the overall resiliency of the U.S. housing market.
Posted by: Home Auctions in Florida | Oct 18, 2011 12:15:47 PM
Sad but true.. But eventually things will turn the other way around.
Posted by: Las Vegas Luxury Homes | Jun 28, 2011 2:08:37 PM
Interesting, would not have thought about it that way myself.
Posted by: Cape Coral Rental Management | Jun 27, 2011 1:51:48 AM
Great way to describe it. It's all about the the worsening interest rate.
Posted by: Cape Coral Properties | Jun 23, 2011 6:20:06 PM
brampton real estate
One of the greatest and most obvious reasons to consider buying a home is the interest rates. Interest rates today, are some of the lowest rates that we have seen in years. It is possible that they will go even lower. You may think that getting a home loan in order to take advantage of these rates is impossible. Although credit standards and loan approval may be higher than before, obtaining a loan is well within the reach of homebuyers with a good credit rating and a steady income that can support the monthly mortgage payments.
Posted by: torontohomeandhouse123 | Jun 11, 2010 4:54:57 AM
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