Favorable Market for Buyers, Sellers Continue to Struggle
Recession hits Toronto real estate in a big way!
Per the Toronto Real Estate Board in December 2008 home re-sales in Toronto witnessed a tremendous dip by 45 % in comparison to the figures of Dec' 07. Even the average selling price of property came down from $394,931 in December'07 to $361,415 in Dec'08. Per real estate specialists, the steep decrease in these values point only in one direction: the recession. It has hit the real estate in a big way! The entire Canadian real estate market is facing the bad conditions,
The 2009 Stimulus For The Canadian Real Estate Sector
With the global financial plunge and tighter credit restrictions on lending dealt out by many financial institutions, potential home owners are being forced to settle to rented apartments than fulfilling their deepest dream of owning their own homes. The obvious increase in rented apartments in 2009 will reflect an increase in rental prices amidst the present financial crisis. The situation is even worsened with the increase in unemployment as many home seekers will have to put off their many years of planning and possible savings for more prosperous times in the real estate sector.
It's Time to Spice Up that Old and Dusty Home of Yours- Says Prime Minister Stephen Harper
Good news for home owners who have been itching to get a home make over- the Harper government is currently discussing tax credits for home renovation.
Investing in Toronto real estate could be very healthy for your wallet as not only the city offers a number of suitable properties, but also presents a wide array of prospects for sustained economic growth over a period of time. Unlike in England for instance, most real estate properties only cater to the upper level of the social strata and does not necessarily provide financial freedom to most middle income individuals.
If you've been waiting for the right time to invest in Toronto real estate or, perhaps, purchase your first home (or your fiftieth,) 2009 may be your best time to move forward with those plans. The combination of lower home prices, larger selection, and lower mortgage rates, makes the present a good time to consider making that move to home ownership.
