"?" Yes, it's apparent that the market is not moving at a pace we would all like to see, but let's not cloud judgement yet on the future of Toronto Real Estate.
While the Toronto Real Estate Board announced a startling 22% drop in sales in March, some economists say that Ontario is on the brink of a recession, which will be short lived thanks to Ontario’s healthy real estate market.
So what’s really going on? Is the market ‘cooling down’, heading for a US style collapse, or is our real estate market healthy?
Apparently, this drop involves sales volume and not average pricing. It could be from supply and demand, a speculative bubble burst, home owners defaulting on their mortgages, new mortgage products like extended amortization or what people see in the market. Boom and bust markets play a key role in the consumers purchasing trends.
Whatever the cause, it doesn’t seem that this decline will have a major impact on Toronto’s real estate market since there has not been a major decrease in housing prices between 1992 and 1998. Most homes only saw a slight change, nothing greater than $10,000.
It looks as if this drop may lead to a more balanced market in the near future.
Oh! I never knew about the status of Toronto before. Anyway, thanks for the update. I enjoyed reading it.
-joicee-
Posted by: real estate philippines | July 09, 2009 at 10:04 PM
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Mitch
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Posted by: Coach Factory | December 20, 2010 at 08:36 PM
Real estate market is not colapsing. Although, it was on the downtime right now. Maybe this year will be the mode of business will give new light for us.
Posted by: Philippines real estate | January 17, 2011 at 01:35 AM
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Posted by: condo in Philippines | February 01, 2011 at 10:41 PM
Market Watch update by Paul! What's about to happen to the Real Estate in Toronto Market?
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