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,

Economists are addressing it as an