Toronto Real Estate Market in 2009-2010
Toronto real estate market report shows a very strong start for January 2010. There was a 1749 sale from January 1st till January 15th through MLS.
The average price in the same period of time in 2009 was around $332,500 which now in 2010 is around $395,000. There is an increase and appreciation in value of homes.
Sales of Toronto Homes in 2009 started very weak but the year ended with a very strong sale. Experts believe that, yes 2009 for Toronto homes finished very strong, together with low interest rates and the winter season, the supply is less than the demand. This would affect the price of the homes in Toronto.
Sellers are expecting and waiting for a better weather to put their houses for sale. They think if they wait more the prices might go higher. Experts in Toronto reporting that if lots of homes come to Toronto home market then the supply would be high and at this time prices will not go high as fast as end of 2009 and beginning of 2010. This will affect the Toronto real estate market.
Despite of having a slow 2008 real estate market in Toronto, by the last months of 2009 home prices did increase in value. For example Detached Bungalow homes increased 6%, 2storey homes increased 5.2%, and condominium apartment had a increase of 6.4%.
As you may know location always talks first. Even in a bad economy and passing through a recession, Toronto homes which are in good locations had less affect than other locations. Yes, It did shake the value of those good homes in good location too but not as much as others.
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ABOUT THE AUTHOR
Mandana Binesh is a real estate broker in Toronto with several years of experience: http://www.buyhometoronto.ca/