Here is the monthly look at the GTA real estate, based on the Toronto Real Estate Board statistics.
Click on Chart below to enlarge.
There were 6,171 sales for the month of March 2009 and an average price of $362,052. Thus it was a pretty active month for sales, compared to 6,631 transactions in March 2008 a year ago and 8,518 sales for March 2007. So, it is the spring market and a lot more people are active this time of year.
Has the value of Toronto real estate fallen? Not really. We are up 0.2% in value for the month, from a month ago and down about 4.8% from the values of a year ago, down 9.1% from the market peak in May of 2008.
I’d say Toronto homes have done a good job of retaining value and should shoot-up as the general economy continues to recover. With interest rates at record low levels, it may be a good time to lock in to 5-year mortgages.
Let me know if you’d like more market information…
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