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Toronto real estate in scary times
If any one emotion drove Toronto's real estate market in 2008, it was anxiety, and the waning days of the year have been the most fickle of all. Homeowners and potential buyers were shaken by a 44% plunge in housing sales in Ontario in November, compared with the same month last year.
As a result, the usual seasonal slowdown that takes place in December was even more pronounced this year, real estate agents throughout the city say, while prices for some houses look more like those last seen in 2006 and 2005.
Buyers' see - or think they see - things being cheaper in 2009
The drop in prices, coupled with low interest rates, will be drawing out some buyers but how many only time will tell.
While the sellers' market made some Toronto homeowners arrogant in the past, every offer made this year has to be treated with respect.
January 3, 2009 in Toronto Real Estate Trends | Permalink
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Comments
What you need to understand is that Toronto’s real estate market will more or less mimic other markets around the world. As we’ve seen in America, the housing market is in a very large recession. However, Canada has been less affected by this and the Toronto market is in much better shape. Toronto real estate values–while down from their all time high, are comparitively high.The important thing is that the real estate bubble in Toronto has burst and property values are slowly but surely starting to drop.If you badly need to sell your house or commercial real estate, it’s now or never (actually now or several years later). Yes, property values in Toronto have depressed from their high, but Toronto buyers are willing to pay a good penny for real estate in the city and if for some reason you want to sell, now is the time.
Posted by: Toronto Condo | Jan 21, 2009 2:24:55 AM
Yes, what a great time to buy!
As a realtor in Toronto, the only shame will be those buyers out there, that miss out on the opportunity way tooooo long, and not get into the market(Condo/Home) as soon as they are comfortable.
My suggestion, get financed, know what your limit is, and start looking, this market, like any other, will not last forever!
Karen Reimann
Sales Representative
RE/Max Hallmark Realty Ltd., Brokerage
Posted by: Karen Reimann | Jan 20, 2009 10:52:31 AM
I think 2009 is going to be worse than 2008. Being the biggest trading partner of US, US recession is going to hit us hard
Posted by: homerevaluation | Jan 11, 2009 2:22:19 PM
Jan 9th and still no release of the GTA numbers from TREB. The numbers must be bad indeed if it is taking them this long to figure out how to spin it. Recently they took to comparing the 2008 numbers to the 2006 numbers instead of the 2007 numbers. What's next?
Posted by: Toronto Bear | Jan 9, 2009 8:17:39 AM
I'm a Realtor in Edmonton, Alberta and I have to say that you've done a good job here of putting your finger on the pulse of the entire Canadian real estate market.
"Anxiety drove the market" holds true here in Edmonton as well.
Thanks for a great article.
Posted by: John Carle | Jan 3, 2009 11:58:05 PM
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